Federal Reserve Chair Jerome Powell warned of potential bank failures due to losses from commercial real estate loans, particularly affecting regional banks. Powell emphasized the ongoing challenge of addressing this issue, expecting it to persist for years. Additionally, Fed officials like Goolsbee anticipate lower interest rates as inflation decreases, with a focus on managing housing costs.
Federal Reserve Chair Jerome Powell told a House panel "there will be bank failures" due to losses from commercial real estate loans, but they don't pose a risk to the entire system and it won't be the big banks. https://t.co/jEdDtHkWPt
"The economic outlook is uncertain, and ongoing progress toward our 2% objective for inflation is not assured," said Fed Chair Powell during his testimony to the House Financial Services Committee. https://t.co/gGzQh3b4rN
Jerome Powell says "the housing market is in a very challenging situation right now" and interest rate cuts alone won’t solve a long-running inventory crisis. https://t.co/PojRYQ1tn0
President Joe Biden predicted the Federal Reserve would soon cut rates, as the administration places greater emphasis on housing costs https://t.co/Czbet31Goe
Federal Reserve Bank of Chicago President Austan Goolsbee said he expects policymakers will lower interest rates this year as inflation cools further. https://t.co/gFRf7Oq7rs
*GOOLSBEE: EXPECT LESS RESTRICTIVE RATES AS INF. FALLS THIS YEAR *GOOLSBEE: HIGHER RATES HAVE CONTRIBUTED TO RISING HOUSING COSTS *GOOLSBEE: FED'S INFLATION TARGET IS 2% 'AND IT SHOULD BE' *GOOLSBEE: NOT REALISTIC TO EXPECT PRICE LEVEL BACK TO PRE-COVID *CHICAGO FED…
*GOOLSBEE: HIGHER RATES HAVE CONTRIBUTED TO RISING HOUSING COSTS So lower rates will lead to lower housing costs, right Erdogan?
* GOOLSBEE: HIGHER RATES HAVE CONTRIBUTED TO RISING HOUSING COSTS $XHB @JohnSpall247 https://t.co/8kgpBThj14
🇺🇸 FED'S GOOLSBEE: EXPECT LESS RESTRICTIVE RATES AS INFLATION FALLS THIS YEAR
🔴 FED'S GOOLSBEE: EXPECT LESS RESTRICTIVE RATES AS INFLATION FALLS THIS YEAR.
🔴 FED'S GOOLSBEE: HIGHER RATES HAVE CONTRIBUTED TO RISING HOUSING COSTS.
Fed's Goolsbee: Fed Focused On Inflation Rate, Not Price Level - Not Realistic To Expect Price Level Back To Pre-Covid - Fed's Inflation Target Is 2% 'And It Should Be'
🔴 FED'S GOOLSBEE: IT IS NOT REALISTIC TO EXPECT PRICE LEVEL BACK TO PRE-COVID.
🔴 FED'S GOOLSBEE: THE FED IS FOCUSED ON INFLATION RATE AND NOT PRICE LEVEL.
'There Will Be More Failures,' Powell Says In Warning For Regional Banks Over Commercial Real Estate Loans Fed chair warns of smaller banks' exposure to commercial real estate loans. Smaller banks hold almost 70% of the outstanding loans from CRE borrowers. https://t.co/GaSBWHbVsx
Federal Reserve chair Jerome Powell predicted more banks would fail due to commercial real estate losses, calling it “a problem we’ll be working on for years more” https://t.co/8c7A8seZqB