For release on delivery 12:30 p.m. EST November 19, 2020  The Changing Structure of Mortgage Markets and Financial Stability  Remarks by Michelle W. Bowman Member Board of Governors of the Federal Reserve System at “Financial Stability: Stress, Contagion, and Transmission” 2020 Financial Stability Conference hosted by the Federal Reserve Bank of Cleveland and the Office of Financial Research  Cleveland, Ohio (via webcast)  November 19, 2020  Good afternoon, everyone.
If monetary policy had not reacted to the decline of the natural rate of interest, price stability would have been at risk, and the situation in the financial sector could be worse than it is now.