Fed's Bostic: Strain in housing market is not as severe as expected

Comments from Bostic in webinar discussion

• Fed's lending facilities have eased market strain

Housing is an interesting spot. It surprised everyone and that underscores the pent up demand for US housing. Of course, ultra-low interest rates don't hurt.

More:

• Much of the US economy is based on confidence
• Seeing signals of increased business and consumer concerns
• Businesses are examining ways to automate and reduce workers
• It's "pretty clear" that the crisis will outlast current relief programs and he suggests Congress will "strongly consider" doing more

Earlier today, Bloomberg cited a White House aide saying the President wants a new stimulus package done by the August recess. Congress returns July 20.