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A free floating commentary on culture, politics, economics, and religion based on a passionate commitment to the truth and a desire graciously to refute that which is contrary to it….
"He must hold firm to the sure word as taught, so that he may be able to give instruction in sound doctrine and also to confute those who contradict it."
--Titus 1:9, Revised Standard Version
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Obama's economic team could have raised the limits on how much mortgage securities Fannie and Freddie can buy, allowing those firms to replace the Fed's purchasing program. But Barr said the administration thinks the mortgage business will stand on its own without such special assistance, similar to the way the nation's biggest banks weaned themselves off federal bailout funds by raising private capital.
"The basic goal is to implement a gradual process where the government's role in the economy goes down," Barr said. "It has to be consistent with the basic goal of stability, but it is appropriate."
Administration and Fed officials expressed confidence that rates will rise only modestly -- perhaps a quarter of a percentage point. They attribute their optimism to the lengthy notice they have given the market. The markets already should have anticipated the government's exit by adjusting interest rates higher. Yet mortgage rates have been falling slightly the past few weeks.
The optimism at the White House and the Fed, however, is not shared across the government. A few senior policymakers at the central bank view the economic recovery as still too fragile, suggesting that purchases perhaps should expand further. These dissenters also warn that mortgage rates could shoot up, perhaps to 6 percent or higher, because private investors buying securities would demand a greater rate of return than the Fed. To reach it, lenders may have to raise rates for consumers.
"Presumably, there is pent-up demand from the private sector, but the question is: At what rate are they going to be interested?" said Eric S. Rosengren, the president of the Federal Reserve Bank of Boston, who has indicated that he supports expanding the Fed's mortgage securities purchase program.
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