Rat and Mouse
Mon
24
Nov
Bank of England: end to future house price booms

The unfortunately named Mr Bean, deputy governor of the Bank of England, speaking in Istanbul:

Given the potential costs of a bust, it would therefore appear to be wise to use monetary policy to try to prevent the build-up of the imbalances in the first place. Note that this is not going so far as to advocate targeting asset prices. But it does at least justify 'leaning against the wind' during the upswing phase of a credit/asset price boom in order to moderate the boom and thus also the prospective fallout from any subsequent bust.

In other words, we're talking about a redefining of what will be considered "normal" interest rates. Good for savers, perhaps...

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