The bottom line for housing is that the concerns we used to hear about the possibility of a devastating collapseโone that might be big enough to cause a recession in the U.S. economyโwhile not fully allayed have diminished. Moreover, while the future for housing activity remains uncertain, I think there is a reasonable chance that housing is in the process of stabilizing, which would mean that it would put a considerably smaller drag on the economy going forward.
Janet YellenProductivity growth, however it occurs, has a disruptive side to it. In the short term, most things that contribute to productivity growth are very painful.
Janet YellenIt slightly worries me that when people find a problem, they rush to judgment of what to do.
Janet Yellen