Fed’s Fischer Says House Prices ‘High and Rising’ Amid Low Rates
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Vice chairman notes prices rising in several countries
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Financial system stronger and bad lending curtailed, he says
Federal Reserve Vice Chairman Stanley Fischer said a long period of low interest rates may have contributed to “high and rising” home prices in several countries, cautioning against forgetting the lessons of the 2007-09 housing crisis.
“There is more to be done, and much improvement to be preserved and built on,” Fischer said, speaking at an event in Amsterdam on Tuesday that was closed to the press. “The world as we know it cannot afford another pair of crises of the magnitude of the Great Recession and the Global Financial Crisis.”
Fischer emphasized that much has been achieved to shore up the global financial system since the last recession. His remarks struck a cautionary tone at a time when the value of residential real estate is climbing from Canada and the U.K. to Australia…
Fed’s Fischer Says House Prices ‘High and Rising’ Amid Low Rates
