The Fed's Role

When exactly did the Fed begin being responsible for and judged on the day-to-day performance of the stock market? Two thoughts related to this: (i) the Fed has historically been responsible for the overall economy (and, in my view, should only be required to maintain price stability in this regard); and (ii) I think that the broader ownership of equity (generally considered to be a good thing) has made the stock market a legitimate area for government intervention. In other words, instead of being a barometer, the market is now the weather itself.