Issues

Audio

Media Conference Call: Benn Steil on Federal Reserve Exit Strategy

Speaker: Benn Steil
Presider: Michelle Caruso-Cabrera

The prospective challenge of containing inflation, buttressing a collapsed housing market, and normalizing the Federal Reserve's bloated balance sheet has created an "exit strategy" dilemma for Chairman Ben Bernanke. CFR Director of International Economics Benn Steil urges the Federal Reserve to swap mortgage-backed securities with the U.S. Treasury in exchange for Treasury securities, which the Fed can then sell as part of a normal process of monetary tightening.

See more in United States, Financial Crises

Transcript

Media Conference Call: Benn Steil on Federal Reserve Exit Strategy

Speaker: Benn Steil
Presider: Michelle Caruso-Cabrera

CFR Director of International Economics Benn Steil urges the Federal Reserve to swap mortgage-backed securities with the U.S. Treasury in exchange for Treasury securities, which the Fed can then sell as part of a normal process of monetary tightening as a solution for the prospective challenge of containing inflation, buttressing a collapsed housing market, and normalizing its bloated balance sheet.

See more in United States, Financial Crises

Primary Sources

Joint Declaration in Commemoration of the Sixtieth Anniversary of the Alliance between the United States and the Republic of Korea

President Barack Obama and South Korean President Park Geun-hye issued this joint declaration on May 7, 2013. The statement confirms both nations' commitment to the U.S.-Republic of Korea (ROK) Mutual Defense Treaty, U.S.-Korea Free Trade Agreement, Joint Vision for the U.S.-ROK Alliance, and Six Party Talks with North Korea.

See more in United States, South Korea, Treaties