"Yellen Warns of Banking Stress and Losses from Empty Office Buildings"
TL;DR Summary
Treasury Secretary Janet Yellen stated that high commercial real estate vacancies may cause stress for smaller banks, but she does not see them as a systemic risk to the financial system. Yellen highlighted the manageable nature of the issue and emphasized the soundness of the US financial system. She also discussed concerns about non-bank mortgage lenders and the health of the US economy, noting that inflation is slowing while wages continue to grow.
- Yellen: It’s ‘obvious’ that empty office buildings will create banking stress and losses CNN
- Janet Yellen is 'concerned' and sees a 'lot of stress' ahead for commercial real estate as wave of giant loans come due this year Fortune
- Yellen touts ‘historic recovery’ under Biden before House panel The Hill
- Yellen Says Commercial Property Is a Worry, But Regulators Are on It Bloomberg
- Yellen sees more commercial real estate stress, losses, but no systemic banking risk Reuters
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