The Federal Reserve does not see “broadly unsustainable asset prices,” with financial excesses stemming from almost a decade of ultralow interest rates “isolated.” In remarks as part of a panel discussion at the American Finance Association meeting, Fed Governor Jerome Powell defended the Fed’s policy that has kept interest rates at historic lows since the financial crisis. The Fed pushed rates to zero in December 2008 and has only raised them only twice since, both in the past year. The policy of low rates has helped the economy recover, and has helped strengthen the financial sector, he said. “By many measures the U.S. financial system is much stronger than before the crisis.”
February crude is off 2.4% to $52.68 a barrel. On Friday Baker Hughes reported the number of rigs drilling for oil in the U.S. rose by four in the week ended Dec. 30 to 529.
Airbnb led a $13 million funding round in restaurant-booking app Resy Network, which competes with the larger OpenTable. Airbnb will use Resy’s table-booking services to expand beyond home-sharing, which is part of its plan to become a one-stop shop for travelers.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
