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The Federal Reserve should stop buying government debt and instead focus on kick-starting areas of the credit markets having to do with consumers, Steve Forbes, Forbes CEO, told CNBC Monday.
“Amazingly, since December the Fed’s balance sheet hasn’t grown one single dollar. The Federal Reserve has been tight-fisted, amazingly, in the last five months,” Forbes told “Squawk Box Europe.”
“I think the Fed should announce first they’re not going to buy any more Treasury securities. Cash in the banking system is not the problem the problem is that parts of the credit economy are still not working,” he added.
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The Federal Reserve should “aggressively” buy mortgage-backed securities, to get housing sales moving again, and it should buy packages of credit car loans, car loans and other types of credit, as they promised to do, Forbes explained.
