The Fed Was "Simulating" a Financial Crisis Due to the Housing Sector in 2005? The "Teal Book." 🔎🔍
🎞️ · 05.07.2023 · 16:10:50 ··· MiTTwoch ⭐ 0 🎬 0
📺Radix Verum
🎬 · 05.07.2023 · 16:10:50 ··· MiTTwoch
😎 · 03.07.2024 · 15:40:29 ··· MiTTwoch
The publication of a CNN article last week has received little attention or coverage, despite a very interesting revelation buried about 3 paragraphs into the article about the Fed.
Current Fed Chairman Jerome Powell recently spoke at a European Central Bank Conference in Portugal where we mentioned the "Teal Book."
When asked how the Fed plans for the worst-case scenarios on the geopolitical front, he first responded in Fedspeak. “We use our tools to achieve our legal mandates,” he said. But when pushed, he opened up about a top-secret Fed tool: the Teal Book.
At every Fed policy meeting, he said, “our staff works up six or seven or eight alternative simulations,” he said. “All the participants read those and think about them and talk about them. It’s very helpful because you can’t get too focused on the modal paths in a world where it’s very hard to predict the economy,” he said.
The policy scenarios considered by the Fed are quite sensitive. “Imagine how the market would have reacted if it knew that [former Fed Chair Ben Bernanke] was gaming out a financial crisis due to the housing sector in 2005,” said Brusuelas.
Source:
https://www.cnn.com/2023/06/29/investing/premarket-stocks-trading/index.html
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· 05.07.2023 · 16:10:50 ··· MiTTwoch
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