Fed's Bostic: Strain in housing market is not as severe as expected
Comments from Bostic in webinar discussion
- Fed's lending facilities have eased market strain
- Much of the US economy is based on confidence
- Seeing signals of increased business and consumer concerns
- Businesses are examining ways to automate and reduce workers
- It's "pretty clear" that the crisis will outlast current relief programs and he suggests Congress will "strongly consider" doing more
Earlier today, Bloomberg cited a White House aide saying the President wants a new stimulus package done by the August recess. Congress returns July 20.