BANKS TO BERNANKE: Farmland Looks Bubbly | Bedford Hills NY Real Estate

REUTERS/Larry Downing

Fed Chairman Ben Bernanke

In February, Bloomberg reported that members of the Treasury Borrowing Advisory Committee (TBAC) – made up of high-level executives at Wall Street’s biggest investment banks and asset managers – warned in a quarterly TBAC meeting with Federal Reserve Chairman Ben Bernanke that farmland, junk bonds, and mortgage real estate investment trusts were looking bubbly

Via a Freedom of Information Act request, Bloomberg obtained the minutes to that meeting and has revealed some more information about what was said at the meeting in a new report.

According to the minutes, Bloomberg reporters Craig Torres and Joshua Zumbrun write that the TBAC opposed the Fed’s third round of quantitative easing – this time open-ended, unlike the previous two iterations – when it was announced in September:

The advisory council opposed continued Fed accommodation on Sept. 14, a day after the conclusion of the FOMC’s two-day meeting Sept. 12-13. The Fed after that gathering announced a third round of bond buying with purchases of $40 billion per month of mortgage-backed securities.

Read more: http://www.businessinsider.com/wall-streets-biggest-banks-opposed-qe3-2013-5#ixzz2SnR5xmHD

This post was last modified on %s = human-readable time difference 8:35 am

Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.

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