Real estate risks a concern, says Fed's Powell

Atlanta

FEDERAL Reserve governor Jerome Powell said the US central bank needs to step up monitoring of financial excesses following an extended period of record-low interest rates, citing commercial real estate as one area of concern.

"With inflation under control, overheating has shown up in the form of financial excess," Mr Powell told the American Finance Association on Saturday in Chicago. "The current extended period of very low nominal rates calls for a high degree of vigilance against the buildup of risks to the stability of the financial system."