First, it would change the widespread market perception that the Fed responds to asset prices asymmetrically, cutting interest rates if share prices fall sharply but never raising them when share prices climb.

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Nevertheless, the tobacco arm continues to gain market share, raising cigarette prices without challenge.

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America's spendthrift households might react to falling share prices by sharply raising their savings.

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In the absence of consumer-price inflation, raising rates sharply simply to lower share prices might dent Mr Greenspan's reputation and perhaps his hopes of reappointment after his term runs out next year.

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