KC Fed Chief Says Jobs, Housing Markets Exceeding Expectations

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Federal Reserve Bank of Kansas City President Esther George said improvements in employment and the housing market have exceeded expectations even as the economic recovery has unfolded at a slow and uneven pace.

But George cautioned that the central bank might prompt instability in financial markets when it eventually begins to sell assets from its record balance sheet. The Fed’s current plan for selling securities “could be disruptive to market functioning” and cause “an unwelcome rise in mortgage interest rates,” George said.

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