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Yellen, Powell to discuss hot U.S. housing market - Bloomberg News

EconomyJul 14, 2021 03:07AM ET
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2/2 © Reuters. FILE PHOTO: Former Federal Reserve Chairman Janet Yellen speaks during a panel discussion at the American Economic Association/Allied Social Science Association (ASSA) 2019 meeting in Atlanta, Georgia, U.S., January 4, 2019. REUTERS/Christopher Aluka Ber 2/2

(Reuters) -U.S. Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell will discuss the hot housing market and its risks with fellow regulators on Friday, Bloomberg News reported.

The aim of the meeting would be to make sure the country is not vulnerable to a crisis similar to what happened in 2008, when the bursting of the housing bubble sent the U.S. and global economies into a deep recession, the report said.

Yellen's team is aware that a sudden relapse in housing prices could pose a risk to the U.S. economy, the news agency said, citing sources.

However, the Treasury is confident that the financial stability risks associated with the sector are manageable, Bloomberg said.

St. Louis Fed President James Bullard made similar comments on Monday when he told the Wall Street Journal that he was worried that the central bank purchases risked overheating the housing sector.

"I am a little bit concerned that we're feeding into an incipient housing bubble...I think we don't need to be doing that with the economy growing at 7%," Bullard told the Journal.

Yellen's meeting with Powell will be the first time that the Financial Stability Oversight Council (FSOC) discusses concerns about the housing market in a substantial way, the Bloomberg report added, citing sources.

Yellen, Powell to discuss hot U.S. housing market - Bloomberg News
 

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Comments (4)
jason xx
jason xx Jul 14, 2021 6:00AM ET
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They really shouldn't be buying MBS with the housing market this overpriced but it's also because of low supply
Jouni Matero
Jouni Jul 14, 2021 4:15AM ET
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Why is it that all important jobs are packed up with +80 yrs ppl who live in past and make decisions based on old school times while nowadays old methods don't work anymore and everything involves super fast. These old school ppl are clueless what happens in everyday life atm.
Jouni Matero
Jouni Jul 14, 2021 4:12AM ET
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Why is it that on US basically all most important and economically influencing jobs are armed by +80 yrs old seniles? The old mantra that older the wiser doesn't work anymore since during last 20 yrs so many young ppl have been educated besides in universities and elsewhere but also self-educated by searching, reading and learning everything thru internet. At the same time these seniles have done nothing but been enjoying their earned benefits and used same old decision methods as always in past. Present day economics and crisis escalate so fast that no way should any of this age ppl be involved in making big decisions anymore.
Michael Chen
Michael Chen Jul 14, 2021 3:02AM ET
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I think they will encourage people to buy and assure interest rate remains low
 
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