Sorting out the details of the response will be messy but the principles are now clear and policy is forming around them. First, address illiquidity in the market for mortgage-backed securities. Second, inject public capital on a huge scale, drawing in new private capital at the same time. Third, revive the inter-bank market with temporary guarantees. Fourth, especially in the US, step up efforts to slow mortgage foreclosures, to relieve the distress and stop house prices undershooting.
Industrial Production Decreased 0.2% in May
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From the Fed: Industrial Production and Capacity Utilization
*Industrial production (IP) fell 0.2 percent in May* after increasing 0.1
percent in April. Ma...
1 hour ago
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