Paulson, Bernanke Say Housing Woes May Last
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The immediate sense of crisis that enveloped world financial markets in August has mostly passed. But the troubles surrounding the U.S. housing market are only beginning, the nation's two top economic policymakers said in separate speeches this week.
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The worst of the housing slump might be over, although some pain is likely to linger, an adviser to President Bush suggested Tuesday.
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Federal Reserve Chairman Ben Bernanke on Thursday said the U.S. central bank was ready to act aggressively to counter a deep housing slump and credit market strains that were putting economic growth at risk.
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Fed Chairman Ben S. Bernanke said Americans are likely to let short-term events shape their long-term perceptions about price increases.
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WASHINGTON -- The major slump in the housing market is nearing an end and should not have a significant impact on the overall economy, Treasury Secretary Henry Paulson said yesterday.
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Investor's Business Daily - Fed chief Ben Bernanke sees the housing sector starting to improve by year-end, according to Sen. Pete Domenici, R-N.M., who attended a closed-door meeting with Bernanke. The Fed has slashed interest rates in recent months to ease a credit crunch and halt a housing slump that analysts worry will tip the economy into recession.
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WASHINGTON - The two-year US housing recession deepened in September while inflation remained in check, buttressing Federal Reserve chairman Ben S. Bernanke's focus on real estate as the major threat to growth.
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House Speaker Nancy Pelosi and Fed chief Ben Bernanke met Monday to discuss how Congress might act to stimulate the slowing economy.
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Both Ben S. Bernanke and Henry M. Paulson Jr. said they were scaling back their more optimistic forecasts.
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The United States is experiencing a "significant" housing market downturn but the economy is fundamentally sound and should avoid recession, Treasury Secretary Henry Paulson will tell Congress on Thursday.
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The U.S. economy can weather a  slowdown in the housing sector as rising incomes and business  investment offer support, Federal Reserve officials said on  Wednesday as they pointed to inflation risks.
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U.S. housing industry economists on Monday cautioned that rapid house price gains in some areas of the country may not be sustainable.
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President Bush acknowledged "some unsettling times" in the country's troubled housing and credit markets, while Federal Reserve Chairman Ben Bernanke offered fresh assurances steps would be taken to curb the fallout.
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Federal Reserve Chairman Ben Bernanke said Tuesday that risks from inflation or a worse-than-expected housing slump could further complicate things for an economy that already is in slowdown mode.
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Rising incomes should support the  U.S. economy even as the housing market slows and consumers  lose the boost they were getting from home equity, Federal  Reserve Chairman Ben Bernanke said in a letter released on  Wednesday.
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JACKSON, Wyo., Aug. 31 -- Federal Reserve Chairman Ben S. Bernanke said Friday that the central bank was willing to take action to ease damage to the economy from troubled financial markets, and President Bush introduced a plan to help people who are at risk of losing their homes to foreclosure.
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Many members of the Bank of Japan policy board agreed in early July that there was uncertainty in the outlook for adjustments in the American housing markets because of subprime mortgage problems, minutes of the central bankâs meeting of July 11-12 showed. Some members said it was not highly likely that the subprime loan problems would severely affect credit markets, the minutes showed, but if that were to happen, there was a âpossibility that global financial and economic conditions could be badly affected.â The nine-member board agreed by an 8-1 vote to keep the overnight call rate target at 0.50 percent. The policy makers maintained the view that the United States economy would probably achieve a soft landing toward the end of the year.