For the fifth time in 10 days, Federal Housing Finance Agency Director Bill Pulte has challenged Federal Reserve Chairman Jerome Powell to enact rate cuts.
Earlier today on his X account, Pulte wrote, “Jerome Powell must lower rates, and now. Enough is enough.”
Pulte began goading Powell for rate cuts on May 26 when he took to X to declare, “Jay Powell needs to lower interest rates – enough is enough. President Trump has crushed Biden’s inflation, and there is no reason not to lower rates. The housing market would be in much better shape if Chairman Powell does this.”
Pulte continued the messaging on May 27 (“To help reverse the damage Biden’s inflation did on the mortgage market, Jerome Powell should lower interest rates, now.”), on May 30 (“If inflation is lower now than it was the last time Jerome Powell cut rates, why isn’t he cutting rates now?”), and on June 1 (“Jerome Powell CUT rates right BEFORE the election at *HIGHER* levels of Inflation. Why won’t he cut now?”).
Powell has not responded to Pulte’s messages, nor is it clear if he is aware of his comments.
Pulte’s remarks echo President Donald Trump’s criticisms of Powell, with his latest agitation coming today in a Truth Social post after payroll processor ADP’s monthly jobs report showed net hiring in May was at its weakest level in over two years. Trump responded to the news by writing, “ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable.”
Photo courtesy of Bill Pulte’s X page.
Really? Trump crushed inflation? You have got to be kidding. Yeah, let’s lower interest rates so the billionaires can make some more money. Who cares about the economy? It’s all about the quick buck and to hell with the American people and the future of the country.
This story is ridiculous. This is Trump’s economy and Trump’s inflation. PULTE’s sales are down and they are getting nervous about their own pockets. The only way Trump and his billionaire cronies get anything done is by bullying and NOT following the law, and frankly, common or business sense.
I agree. I’m tired of the interest rates being tied to the best interests of the Woke Libs and their election goals. The economy is starting to take off again. Many will need access to the financial markets to fund their plans. A rate cut will dial down the debt service bill on our national debt and help jump-start the housing market.
The wealthy people aren’t making the same sort of daily choices everyday people are forced to make during hard economic times.. All the bullying to lower the interest rates seems too self serving a request from a Pulte.. Especially when the rate cuts Trump constantly called for Powell to make at the start of a pandemic actually contributed to this messy economy.. I mean we had lots of programs for everyday Americans (ppp, SBA loans, unemployment, grants, etc) in need of the money and to me if one could qualify for a loan then the pandemic didn’t have a negative effect on them.. So if things are getting back on track as Pulte & Trump are claiming, then let Powell do his job & lower rates when he sees the time is right, so we don’t go through this nonsense again soon..
when the prices of homes go up like just is what has happened in the last 4 years, then the interest rate needs to keep lowing to off set the rise of the homes.. that way that would give lots of people more jobs, the building would be back, carpenters , plumbers, electricians, roofers, carpet companies, etc would be working along with surveys , well diggers, septic tank companies.. this would put our country up and running, and we don’t have to tell Powell , he knows it.. we do not understand why he is holding back our country.. lower that interest rate.. it should be following along with the price rangers..when prices go up, interest rate should be going down.. we all know that..
Let’s not forget the reduction in interest rates began as another way to supposedly keep the economy moving at a time of uncertainty.. The home prices went up substantially & too quickly after the interest rates were reduced. So know that your example works both ways and when the rates were increased in many markets prices lowered plus financings terms were incentivized by sellers offering rate buy-downs & concessions.. But I will acknowledge I am in Real Estate and I have been for 36 years so it does benefit me financially when we have lower interest rates, however when a course correction is needed to the financial markets it’s better to deal with the inconveniences sooner than let things worsen and drag these negative effects out indefinitely..