Boston Fed president says years of low rates made current crisis worse

CNBC/Jeff Cox/10-8-2020

“Years of low-interest rates led to excessive risk-taking in commercial real estate and will make the current economic downturn even more severe, Boston Federal Reserve President Eric Rosengren said Thursday. The central bank official said he expects a wave of defaults and bankruptcies to hit that will aggravate an unemployment problem that has hit lower-wage workers disproportionately.”

USAGOLD note:  Another dire warning from someone in a position to know …… In short, those chickens are about to come to roost. And as Rosengren points out, this all started long before the virus became a problem.

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