FED Vice Chair Predicts Modest Decline in Real Housing Wealth Relative to Income

In a recent speach before the Money Marketeers of New York University, Federal Reserve Board Vice Chairman Donald L. Kohn predicted a rather 'benign scenario' looking out over the next few years. He tells us that that is the horizon used by the BOARD in making their decisions. For a full view of the text of his speech, it is posted on the website of the Federal Reserve Board.