Janet Yellen, la presidente de la Reserva Federal de San Francisco, ha dicho que la FED debería considerar subir los tipos de interés antes para evitar la formación de burbujas, y que si la FED hubiera subido los tipos de interés antes, la burbuja inmobiliaria no hubiera crecido tanto (a buenas horas chata).
Todo esto lo dice sin pestañear mientras tienen los intereses artificialmente al 0%. Puede ser parte de la campaña que la FED ha empezado para lavar su imagen: http://www.burbuja.info/inmobiliaria/burbuja-inmobiliaria/113068-el-plan-para-auditar-la-fed-2.html#post1738649
Si teneis tiempo fijaros en los comentarios de la noticia.
MarketWatch.com Story
Jun 5, 2009, 4:40 p.m. EST
Fed should pop next housing bubble, Yellen says
Higher rates might have slowed appreciation in home prices
WASHINGTON (MarketWatch) - The Federal Reserve should consider raising interest rates earlier to prevent asset bubbles from getting too big, San Francisco Federal Reserve President Janet Yellen said Friday, in a notable departure from long-term Fed consensus that monetary policy should not be used to prick asset bubbles.
Yellen said that she thinks the Fed should raise rates to lean against the expansion of a bubble in certain circumstances, especially when a credit boom is the driving factor.
"In the current episode, higher short-term interest rates probably would have restrained the demand for housing by raising mortgage interest rates, and this might have slowed the pace of house price increases," Yellen said in remarks to a central bank conference. Read her speech.
Houses Still Not Priced to Sell
One out of every four homes on the market has experienced a price reduction, but when you look at the discounts, sellers still are loath to lower their asking prices, a Trulia.com study says. Jonathan Burton reports.
Policymakers should "first and foremost" consider other tools, like tougher regulation, to take the air out of bubbles. But interest rates were in the mix, she said.
Yellen told a Fed conference that she did not appreciate prior to the recession how important Fed short-term interest rates were to high-leveraged financial institutions, like broker-dealers.
Yellen said she was not laying blame for the housing bubble on the central bank.
Yellen also said that she had raised her preferred target for long-run inflation to a 2% rate of inflation. Prior to the downturn, Yellen had favored a 1.5% rate of inflation as measured by the personal consumption index. But Yellen said she had reconsidered this level because of the potential danger to the economy from deflation.
In the last seven years, there have been two deflation scares and a global depression. Central bankers might get lucky and this period will prove to be an aberration but researchers should prepare, Yellen said.
Speaking at the same conference, Boston Fed President Eric Rosengren, said regulators were asleep about the dangers of the evaporation of liquidity.
The risk of a liquidity crisis received scant attention by academics, Rosengren said. If it was mentioned, researchers generally said that banks would be able to go to the Fed's discount window for a short-term loan.
Policymakers never imagined that liquidity would disappear for months, as has happened in the current downturn.
Rosengren said he has concluded that the government must make financial institutions less opaque. Concerns that counterparties might be in financial trouble was a key factor in liquidity drying up, Rosengren said.
Regulators should also consider new debt instruments that automatically convert to common equity under certain circumstances to qualify as capital on a bank's balance sheet, he said.
In the talk about current policy, Yellen said that she was not convinced that the ballooning of the Fed's ballooning of its balance sheet would raise inflation.
But she said the recent rise in Treasury rates would be "disconcerting" if it was reflective of such concerns.
In any event, it was clear that the textbook on monetary policy has been thrown out.
The Fed has embarked on a new policy to buy almost $2 trillion in assets to bring interest rates down.
There is no map for this policy, Yellen said. The Fed is just charting its course as it goes.
Todo esto lo dice sin pestañear mientras tienen los intereses artificialmente al 0%. Puede ser parte de la campaña que la FED ha empezado para lavar su imagen: http://www.burbuja.info/inmobiliaria/burbuja-inmobiliaria/113068-el-plan-para-auditar-la-fed-2.html#post1738649
Si teneis tiempo fijaros en los comentarios de la noticia.
MarketWatch.com Story
Jun 5, 2009, 4:40 p.m. EST
Fed should pop next housing bubble, Yellen says
Higher rates might have slowed appreciation in home prices
WASHINGTON (MarketWatch) - The Federal Reserve should consider raising interest rates earlier to prevent asset bubbles from getting too big, San Francisco Federal Reserve President Janet Yellen said Friday, in a notable departure from long-term Fed consensus that monetary policy should not be used to prick asset bubbles.
Yellen said that she thinks the Fed should raise rates to lean against the expansion of a bubble in certain circumstances, especially when a credit boom is the driving factor.
"In the current episode, higher short-term interest rates probably would have restrained the demand for housing by raising mortgage interest rates, and this might have slowed the pace of house price increases," Yellen said in remarks to a central bank conference. Read her speech.
Houses Still Not Priced to Sell
One out of every four homes on the market has experienced a price reduction, but when you look at the discounts, sellers still are loath to lower their asking prices, a Trulia.com study says. Jonathan Burton reports.
Policymakers should "first and foremost" consider other tools, like tougher regulation, to take the air out of bubbles. But interest rates were in the mix, she said.
Yellen told a Fed conference that she did not appreciate prior to the recession how important Fed short-term interest rates were to high-leveraged financial institutions, like broker-dealers.
Yellen said she was not laying blame for the housing bubble on the central bank.
Yellen also said that she had raised her preferred target for long-run inflation to a 2% rate of inflation. Prior to the downturn, Yellen had favored a 1.5% rate of inflation as measured by the personal consumption index. But Yellen said she had reconsidered this level because of the potential danger to the economy from deflation.
In the last seven years, there have been two deflation scares and a global depression. Central bankers might get lucky and this period will prove to be an aberration but researchers should prepare, Yellen said.
Speaking at the same conference, Boston Fed President Eric Rosengren, said regulators were asleep about the dangers of the evaporation of liquidity.
The risk of a liquidity crisis received scant attention by academics, Rosengren said. If it was mentioned, researchers generally said that banks would be able to go to the Fed's discount window for a short-term loan.
Policymakers never imagined that liquidity would disappear for months, as has happened in the current downturn.
Rosengren said he has concluded that the government must make financial institutions less opaque. Concerns that counterparties might be in financial trouble was a key factor in liquidity drying up, Rosengren said.
Regulators should also consider new debt instruments that automatically convert to common equity under certain circumstances to qualify as capital on a bank's balance sheet, he said.
In the talk about current policy, Yellen said that she was not convinced that the ballooning of the Fed's ballooning of its balance sheet would raise inflation.
But she said the recent rise in Treasury rates would be "disconcerting" if it was reflective of such concerns.
In any event, it was clear that the textbook on monetary policy has been thrown out.
The Fed has embarked on a new policy to buy almost $2 trillion in assets to bring interest rates down.
There is no map for this policy, Yellen said. The Fed is just charting its course as it goes.
