Powell warns of commercial real estate risks
Fed chair tells Senate further cooling of the labour market could induce a rate cut
The commercial real estate sector poses major risks, especially for small banks with concentrated exposures, Federal Reserve chair Jerome Powell told the US Senate banking committee on July 9.
“It’s going to be an issue for many banks,” he said. “But it’s one that we’re trying to work though, one that we’re very much aware of, and again it’ll be with us for some time.”
Accompanying the chair’s speech, the Fed’s monetary policy report also warned that commercial real estate as a part of bank
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