On Friday, San Francisco Federal Reserve president John Williams at a media availability following a Commonwealth Club of San Francisco event said that US real estate was being seen by foreign investors as a safe haven. He specifically singled out, San Francisco, New York, Miami, Seattle and Honolulu as cities attracting foreign money.
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In the first seven seconds John Williams says the he doesn't think that the high prices are as a result of US monetary policy i.e., money printing.
ReplyDeleteGiven the unsteadiness of the camera and the answer, I'm betting this was a reply to a Bob Wenzel question on money printing by the Fed.