President Donald Trump on Wednesday intensified pressure on the Federal Reserve to lower interest rates while defending his administration’s aggressive housing market policies, arguing that institutional investors and high borrowing costs have priced ordinary Americans out of homeownership.
Speaking at the World Economic Forum, Trump said the United States should be paying the lowest interest rates in the world and accused the Fed — under Chair Jerome Powell — of restraining economic momentum with overly tight policy.
“We should be paying the lowest interest rate of any country in the world,” Trump said.
Trump Signals Fed Leadership Change
Trump sharply criticized Powell, repeatedly referring to him as “too late,” and confirmed plans to announce a new Fed Chair “in the not-too-distant future.”
“Everyone I interviewed is great,” Trump said, adding that while candidates often sound aligned during interviews, “they change once they get the job.”
“We hope [the next chairman] does the right job,” he said.
Trump also said government-backed institutions have been instructed to purchase up to $200 billion in mortgage-backed securities to help bring down long-term borrowing costs.
He highlighted that the average 30-year mortgage rate recently fell below 6% for the first time in years.
Institutional Investors …Full story available on Benzinga.com
Why do we all wish it was 2016?
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