Federal Reserve holdings of mortgage bonds play a “central” role in how monetary policy affects the economy's momentum, academics wrote in a paper to be...
- Federal Reserve holdings of mortgage bonds play a “central” role in how monetary policy affects the economy's momentum, academics wrote in a paper to be presented at a central bank research conference Saturday.
Mortgage purchases are particularly notable given the importance of housing financing factors in the U.S. economy. But economists and central bankers have long struggled to measure the impact of the asset purchases, and some have doubted their value. The Fed’s QT process has proved slower than some had expected because the moribund state of the housing market amid high borrowing costs has slowed mortgage creation, in turn blunting the Fed’s ability to get mortgage bonds off its books. At some point some believe the Fed may even have to turn to active sales of mortgage bonds to accomplish its desire to hold primarily Treasury bonds.
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