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Fed Official Says There's 'a Lot More Work To Do' To Bring Down InflationPosted by msmash on Tuesday January 10, 2023 @01:00PM from the shape-of-things-to-come dept.Federal Reserve Governor Michelle Bowman said Tuesday she expects more interest rate increases ahead, with higher rates to prevail for a while until inflation is subdued. From a report:Citar"I am committed to taking further actions to bring inflation back down to our goal," the central bank official said in remarks prepared for a speech in Florida. "In recent months, we've seen a decline in some measures of inflation but we have a lot more work to do, so I expect the [Federal Open Market Committee] will continue raising interest rates to tighten monetary policy." The FOMC has increased the Fed's benchmark borrowing rate seven times since March 2022, for a total of 4.25 percentage points.Last week, minutes from the committee's December meeting indicated that most members were on board with additional hikes in 2023, likely taking the fed funds rate slightly above 5%. Reflecting the consensus at that meeting, Bowman said she sees elevated rates holding until there are "compelling signs that inflation and has peaked and for more consistent indications that inflation is on a downward path" before easing up on restrictive monetary policy. "I expect that once we achieve a sufficiently restrictive federal funds rate, it will need to remain at that level for some time in order to restore price stability, which will in turn help to create conditions that support a sustainably strong labor market," she said.
"I am committed to taking further actions to bring inflation back down to our goal," the central bank official said in remarks prepared for a speech in Florida. "In recent months, we've seen a decline in some measures of inflation but we have a lot more work to do, so I expect the [Federal Open Market Committee] will continue raising interest rates to tighten monetary policy." The FOMC has increased the Fed's benchmark borrowing rate seven times since March 2022, for a total of 4.25 percentage points.Last week, minutes from the committee's December meeting indicated that most members were on board with additional hikes in 2023, likely taking the fed funds rate slightly above 5%. Reflecting the consensus at that meeting, Bowman said she sees elevated rates holding until there are "compelling signs that inflation and has peaked and for more consistent indications that inflation is on a downward path" before easing up on restrictive monetary policy. "I expect that once we achieve a sufficiently restrictive federal funds rate, it will need to remain at that level for some time in order to restore price stability, which will in turn help to create conditions that support a sustainably strong labor market," she said.
«Los cambios legislativos continuos están provocando que el propietario particular, que ha ahorrado toda su vida y tiene una vivienda en alquiler, piense en vender y quitarse el problema de encima. Saca del mercado vivienda de alquiler», explican desde el sector.
El sector del alquiler alerta de más subidas de precio tras el nuevo castigo a los propietariosCitar«Los cambios legislativos continuos están provocando que el propietario particular, que ha ahorrado toda su vida y tiene una vivienda en alquiler, piense en vender y quitarse el problema de encima. Saca del mercado vivienda de alquiler», explican desde el sector.Erre que erre . Pues que vendan, ¿dónde está el problema? ¿De qué se quejan? ¿Acaso dan a entender que les importa la suerte del inquilino?Aaaahmigo, una vez más, que se ha jorobado la venta y por eso las quejas de no poder extraer del "activo" todo lo que se quería.Ni caso. Decían que subir los contratos de tres a cinco años iba a matar el alquiler, y el mundo siguió girando. Ahora rajan de la "inseguridad jurídica", pero verán las caras cuando descubran que esta vez no habrá rescate.
Wells Fargo Is Shrinking Its Mortgage BusinessOnce the nation’s biggest mortgage lender, the bank will lend primarily to existing customers and minority borrowersWells Fargo & Co. is dramatically shrinking its home-lending business following a string of scandals and a record fine from the Consumer Financial Protection Bureau. Going forward, the bank said it would largely focus on lending to existing customers and minority borrowers. It will no longer work with outside intermediaries who arrange loans on the bank’s behalf. The practice, known as correspondent banking, makes up nearly half of its mortgage originations.Wells Fargo also said it would reduce the size of its servicing portfolio—the loans on which it collects payments and earns fees for doing so.Wells Fargo’s competitors decided after the last financial crisis to shrink their mortgage businesses, ceding market share to nonbank mortgage companies after they paid billions of dollars in fines. Wells took a different tack, remaining the nation’s largest mortgage lender for years afterward.The bank began to reassess its home-lending business under Chief Executive Charles Scharf, who took the helm in 2019 and has sought to put the bank in better standing with regulators following its 2016 fake-accounts scandal. That episode revealed problems throughout the bank, including in its mortgage business. In December, Wells Fargo reached a $3.7 billion deal with the CFPB to resolve allegations that it harmed customers, including mortgage borrowers. The consumer watchdog agency said the bank illegally assessed fees and interest charges on loans for homes and cars. That deal included a $1.7 billion fine, a record for the agency.In 2021, the Office of the Comptroller of the Currency fined Wells Fargo $250 million for failing to develop a program to help customers avoid losing their homes. A slowing housing market has posed another challenge. Mortgage rates have more than doubled over the past year, taking the steam out of a refinancing boom that fueled the mortgage business for much of the last few years. Some lenders that flourished in 2021 had to lay off staff or close up shop in 2022.Wells Fargo made some $21.5 billion in mortgages in the third quarter, a nearly 60% decline from a year earlier. Mortgage originations have fallen sharply across the industry, a consequence of the Federal Reserve’s aggressive rate increases. Wells Fargo has been operating with a cap on its total assets since 2018, a punishment from the Federal Reserve for its risk-management failures.Fines and other payouts are expected to weigh on Wells Fargo’s fourth-quarter earnings, which it is scheduled to report Friday. In the third quarter, the bank took a $2 billion charge tied to long-running legal and regulatory issues.