Federal Reserve Chairman Ben S. Bernanke and his colleagues are suffering through their own form of cognitive dissonance: revealing new concerns about the economy’s long-term prospects even as they forecast faster growth in 2014.
Barry Sternlicht, the head of real estate investment firm Starwood Capital Group LLC, said there is an abundance of credit available, disputing a comment made by former U.S. Treasury Secretary Lawrence Summers about banks needing to do more lending to stimulate the economy.
Hedge-fund managers including David Tepper, Ray Dalio and Daniel Loeb will help raise $5 million to fight poverty in New York by sharing some of their best trading ideas with attendees of the Robin Hood Foundation’s inaugural investors conference, said the charity’s executive director.
Sarah Bloom Raskin, nominated to become first female U.S. deputy Treasury secretary, said the department’s work on housing finance and financial regulation will help underpin the country’s long-term economic prospects.
Former Treasury Secretary Lawrence Summers predicted that the U.S. will avoid another round of the political gridlock that last month brought the world’s largest economy to the edge of a record default.