Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

This last exchange actually was my question. The assumption you seem to have made is that in fact the relationship between house prices and rents will converge back to the norm. We’ve talked about some of the risks. Are there other risks that it won’t happen that way and that something else is going on—perhaps in the direction the Chairman mentioned or in other directions?

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