How the economy upended expectations of a recession in 2023
Roben Farzad:
I don't know, if you go to a man on the street and say, hey, core CPI's increase is falling, anybody is going to be happy about that.
They're going to know that they're locked out of the housing market. They're going to know that a mortgage rate at, whatever, 7.5 percent, is still nowhere near the 2 or 3 percent mortgage they were able to get during the pandemic. But the Fed has its eyes on other indicators.
I know, in his heart of hearts, Jerome Powell, if he could pull a lever and take the ebullience out of the housing market, he would do that, and not hurt credit conditions, not hurt small businesses. In reality, the Fed controls these blunt instruments. And maybe you don't want to inject more stimulus into an economy that in many respects — go to any airport, any restaurant, any resort, right now is kind of overstimulated.
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