Federal Reserve Chairman Ben Bernanke on Monday played down the fears of some more hawkish central bankers and investors that the Fed’s aggressive bond-buying program will lead to higher inflation, MarketWatch reported.

“I don’t believe significant inflation is going to be the result of any of this,” Bernanke said in a speech at the University of Michigan.

The Fed has the tools to exit its easy policy stance before inflation appears, he said.The Fed will watch closely to see whether the zero-interest rate policy that has been in place for four years could eventually lead investors to make unwise decisions, creating an asset bubble, he said.

Bernanke also said there is a continuing debate over whether Fed policy is a cause of asset bubbles. The Fed has an “open mind” on the issue, he remarked, and will continue to monitor markets and toughen bank supervision to guard against financial instability.

At its meeting in December, the Fed boosted its stimulus program by adding $45 billion of monthly Treasury purchases to an existing program to buy $40 billion in mortgage-backed securities a month.