Nick Timiraos
speaker
252 appearances
6 recordings
1 series
first heard Sep 2017
last heard Nov 2024
Nick Timiraos’s voice in public audio — every appearance, attributed to the second.
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Appearances
And so now we're beginning to see certain sectors like hotels and commercial real estate more broadly, where even if the Fed were to say, well, we'll lend, we'll do more emergency loans to these businesses.
They, first of all, are not willing to lend to businesses that they think are at high risk of failure.
And again, a lot of these businesses already had a lot of debt going in.
So it's not clear how much more the Fed or the Treasury is willing to do through their lending powers.
And that, again, means it's going to have to go back to fiscal policy, which is Congress and the White House potentially working up some way to give structure a new relief for those businesses.
It really depends.
The Main Street lending program, which is their small and mid-sized business lending program, that's a different story because just saying that the Fed is going to lend into this idiosyncratic commercial loan market isn't going to have the same effect.
And so if businesses there are not participating because the credit is too expensive or the terms are too onerous,
then that actually could be a concern for the Fed.
They may, you know, and we've written about some tensions between the Fed and the Treasury over how to design that program.
There may be some in Congress who want the Fed to take a more active role.
The Fed isn't expected to make any big moves at their meeting this week.
That's partly because they feel as if they've done a lot since the pandemic hit in March.
They cut interest rates to near zero.
They have launched a suite of new lending backstops for corporate credit, for municipal debt, and for small and mid-sized businesses.
Right now, they're in something of a holding pattern.
Fed officials have suggested they know they may need to do more later this year, but they want to see just what direction things go.
And part of the reason for that is things could go in two ways here.
One is that maybe they get better, we get past this wave, and that would call for a less aggressive response.
On the other hand, they may need to do a lot more, but it looks as if they want to see a few more cards before they come to that conclusion.
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