Dudley: Housing Recovery "Disappointing" Despite Fed's Extraordinary Easing Measures

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Posted To: MND NewsWire

Bill Dudley, president and CEO of the Federal Reserve Bank of New York and vice chair of the Federal Open Market Committee (FOMC) told a conference audience Friday that despite some extraordinary measures taken by FOMC the recovery has been disappointing . Dudley spoke to a conference co-sponsored by the Federal Reserve and the Rockefeller Institute of Government titled "Distressed Residential Real Estate: Dimensions, Impacts, and Remedies. Dudley said that while measures taken by the Fed have certainly helped to make the economy stronger than it otherwise would have been, over the three year period from mid-2009 to mid 2012 the real output of the economy has grown at a compound annual rate of just over 2 percent. Thus employment gains have been modest and unemployment remains unacceptably...(read more)

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Source: www.mortgagenewsdaily.com

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