Trump Pressures Powell for Rate Cut, Says Fed Cripples Housing Market
Former President Donald Trump increased pressure on Federal Reserve Chair Jerome Powell, saying the Fed’s high interest rates are “destroying the housing market.” Trump argued that high mortgage rates are stopping many Americans from getting home loans. He also claimed that “there is no inflation” and said the Fed should make a big rate cut soon. Trump mocked Powell by calling him “Too Late” and “a disaster.”
Treasury Secretary Scott Bessent agreed, warning that keeping borrowing costs high could reduce homebuilding now and cause higher inflation in the next couple of years.
These sharp comments come just days before Powell’s speech at the Jackson Hole Economic Policy Symposium, where investors are waiting for hints about the Fed’s next move. The Fed’s main interest rate is currently at its highest level in 20 years after a series of hikes meant to slow down rising prices.
