Peter Stella on Fed Losses, Backdoor Fiscal Stimulus and Credit Easing
Macro Hive Conversations With Bilal Hafeez
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The Fed's Distributional Policy During the Pandemic
In the United States, you can prepay your mortgage without any penalty. So when interest rates fall, people who have the ability to do so will like get a new mortgage at a lower rate and prepay the old mortgage. It was a very bad policy because it pushed housing prices up. There were house prices in the US that he has case killer rose by about 17 and a half percent for two years.
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