"While conditions in many (markets) have shown signs of improvement more recently, some markets remain dysfunctional," Stern said in a speech to the Chamber of Commerce here.
ALTOONA, Wisconsin (Reuters) - Many financial markets have shown signs of improvement after months of turmoil touched off last summer by failing U.S. mortgage loans, Federal Reserve Bank of Minneapolis President Gary Stern said on Wednesday.
"While conditions in many (markets) have shown signs of improvement more recently, some markets remain dysfunctional," Stern said in a speech to the Chamber of Commerce here.
Stern said the inventory of unsold homes remained large, and economic growth would likely be modest and unemployment would rise somewhat.
(Reporting by Alister Bull in Altoona; Writing by Emily Kaiser, Editing by Chizu Nomiyama)
!ADVERTISEMENT!
