According to the Standard & Poor’s/Case-Shiller US National Home Price Index, home prices were already rising at almost 10% a year in 2000 – a time when the Fed was raising the federal funds rate, which peaked at 6.5%. The rapid increase thus appears to be mostly the result of speculative momentum that occurred before the interest-rate cuts.
La tasa real de fondos relativamente baja se produjo después de que el auge inmobiliario de Estados Unidos ya estaba bien en marcha.