Americas

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

Video

"Foreign Policy Begins at Home: The Case for Putting America’s House in Order"

Speaker: Richard N. Haass
Presider: E.J. Dionne Jr.

Richard N. Haass discusses his new book, Foreign Policy Begins at Home, in which he puts forward a new foreign policy doctrine of Restoration, where the United States limits its engagement in wars of choice and humanitarian interventions abroad, and focuses on restoring the foundations of its power at home.

See more in United States, U.S. Strategy and Politics

Audio

"Foreign Policy Begins at Home: The Case for Putting America’s House in Order"

Speaker: Richard N. Haass
Presider: E.J. Dionne Jr.

Richard N. Haass discusses his new book, Foreign Policy Begins at Home, in which he puts forward a new foreign policy doctrine of Restoration, where the United States limits its engagement in wars of choice and humanitarian interventions abroad, and focuses on restoring the foundations of its power at home.

See more in United States, U.S. Strategy and Politics

Transcript

"Foreign Policy Begins at Home: The Case for Putting America’s House in Order"

Speaker: Richard N. Haass
Presider: E.J. Dionne Jr.

Richard N. Haass discusses his new book, Foreign Policy Begins at Home, in which he puts forward a new foreign policy doctrine of Restoration, where the United States limits its engagement in wars of choice and humanitarian interventions abroad, and focuses on restoring the foundations of its power at home.

See more in United States, U.S. Strategy and Politics

Ask CFR Experts

What is preventing international action in Syria?

Asked by Jake C., from University of Texas at Tyler

A number of countries, including the United States, the United Kingdom, Turkey, and Qatar, have been providing support to the opposition in various forms, ranging from humanitarian aid to military supplies, such as weapons, armor, and communication devices. However, these efforts have not been enough to turn the tide, and after three years of fighting, a diplomatic solution still seems unlikely.

Read full answer

See more in United States, Syria, U.S. Strategy and Politics, Foreign Policy History

Op-Ed

Bernanke Should Follow the Advice He Gave to Japan

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil and Dinah Walker explain why the Fed's massive holdings of mortgage-backed securities (MBS) are distorting its thinking about the conduct of monetary policy going forward. They propose a novel plan to rectify this, in which the Fed swaps its MBS with the Treasury in return for Treasury securities, which the Fed can sell as part of a normal "exit" from monetary stimulus.

See more in United States, Economics, Financial Crises