Some relief was justified, but US house prices will keep falling and the government has now signed on to take more of the pain. The official support of the mortgage market will soften the disinflationary force of financial deleveraging. Watch out for higher US inflation.Sign up to read the rest of this subscriber-only content, or if you are already a member please sign in here.
Forgotten your password? Get a password reminder.
This Views Flash will shortly be followed by a Considered View