住宅バブルの危険性をFRBは認識していたか

2004年のFOMCのテープ起こしが公開されたのか、2004年12月14日開催のFOMCでのアトランタ連銀総裁の発言が取り上げられている。

http://www.bloomberg.com/apps/news?pid=20601087&sid=asN.6J4RCnOo&pos=3

http://www.federalreserve.gov/monetarypolicy/fomchistorical2004.htm

Finally, the substantial run-up in house prices, which we have followed in Florida and also see in the populous Northeast and West Coast of the United States, may be at least partially attributable to unusually low mortgage rates influenced by our very accommodative policy, which has been in place for some time. Those developments and the risks associated with the run-up in house prices probably deserve further study and thought as we decide how to posture policy. I continue to be comfortable with the policy path we’re on.

どうも上記の部分が注目されているようだけれど、全体を見ると、この人も組織人として、全体の方向性を大きく変えようとまではしていない。

And barring some surprise, I judge that we still have a considerable way to go to get back to a more neutral stance. My concern is that, with a real fed funds rate that continues to be near zero, we could unintentionally be encouraging further imbalances in both the inflation environment and in the international sector. I hope we will not try to signal that we may soon pause in our removal of policy accommodation. Thank you, Mr. Chairman.