Understanding Monetary Policy Through the Housing Channel

Abstract: Philadelphia Fed President and CEO Patrick Harker delivered remarks at the Samuel Zell and Robert Lurie Real Estate Center Members’ Meeting in Philadelphia. Harker spoke about the effects that monetary policy is having on the housing market and about the impact of shelter inflation on the overall economy. The toll of persistently high inflation “is falling most heavily on those least able to bear it,” Harker said, noting that “the Fed has been working to slow the economy modestly and bring it more in line with supply.” Harker reiterated the Fed’s commitment to its 2 percent inflation target and underscored the fact that the “economy isn’t the Federal Reserve, or interest rates, or numbers in a data report. The economy is people.”

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Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Speech

Publication Date: 2023-04-20