Policymakers, as they weigh whether to add private investment options to the Social Security system, must consider that stocks may not continue to outperform bonds, said Federal Reserve Governor Edward Gramlich.

"I'm not so sure stocks are going to be that much better an investment" than bonds, Mr. Gramlich said at a symposium sponsored by the National Economics Club Educational Foundation.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.