Annmarie Hordern

Bloomberg Audio Studios Podcasts, radio, news.

A lot of people are hoping that there is some sort of initial public offering of those companies.

Are you preparing them for that at some point later this year or next year?

Director Pulte, a lot of people on Wall Street were pretty excited actually about your purchases of MBS, of mortgage-backed securities, and saying that this seems like it should be something that would bring down spreads.

They were less excited about the idea of preventing institutions from buying single-family homes, saying that it really wasn't based

in economics, considering that in certain regions in the country, there's actually a glut of houses, that this is not because of institutions that account for a relatively small portion of overall buyers.

What do you say back about the economic fundamentals behind this type of proposal and why it would bring down affordability and increase the supply of houses, which is the ultimate issue that a lot of people say?

Director Pulte, did you study this in terms of the supply-demand dynamic and whether it actually would reduce the cost of houses for individuals should there be a ban on single-family housing, on institutions buying single-family homes?

Because a lot of people in the markets who have supported President Trump's policies, I'm thinking of Neil Dutta in particular, came out and said, this is faulty economics.

Bloomberg Audio Studios Podcasts, radio, news.

You have GDP 2.6% roughly over the next few years.

Are you saying that the appropriate growth rate is something like that 2% and 2.6% and not necessarily 3% or above?

There's also a question about the reaction function.

We've been talking about the data that we're going to be getting tomorrow.

What would you have to see to change your view?

I mean, if we saw, let's say, the unemployment rate go down to 4.4%, would you start to question whether 150 basis points of cuts is really necessary this year?

So are you saying this is all an inflation issue and not anything to do with the labor market?

Just to hone in a little bit on the housing aspect, since that has been a really hot topic, how much signal would you take if you did start cutting more aggressively at the Federal Reserve and 10-year yields rose, and that actually created an issue for mortgage rates and the pass-through there?

It might actually help with the disinflation, but it might not exactly be the outcome that you're looking for.

There's been this fear that some of the biggest banks have really taken the wealthiest and the highest credit ratings in terms of customer base, and that mid-tier banks are stuck with everybody else, and that that's where the credit problems have really come.