Federal Housing Finance Agency (FHFA) Director William Pulte is publicly calling for Federal Reserve Chair Jerome Powell to slash interest rates.
Pulte said Tuesday in a post on X that in order to “help reverse the damage [former President Joe] Biden’s inflation did on the mortgage market,” Powell “should lower interest rates, now.” His comments come after the Federal Reserve announced on May 7 that it had decided to hold interest rates steady, after also holding rates steady in March and January.
Pulte said Monday in an X post that there was “no reason” for the Federal Reserve not to lower interest rates.
“Jay Powell needs to lower interest rates – enough is enough,” Pulte wrote in the social media post. “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.”
The Federal Reserve has been facing pressure from President Donald Trump to lower its target range this year. The president wrote on April 17 in a Truth Social post that the central bank has been “TOO LATE AND WRONG” in holding off on lowering its target range, adding that Powell’s “termination cannot come fast enough.”
Powell has stated that the Fed is waiting to see how Trump’s economic policies play out before making any changes to interest rates, saying during an April speech at the Economic Club of Chicago that “for the time being, we are well positioned to wait for greater clarity before considering any adjustments to our policy stance.”
Biden’s administration notably oversaw skyrocketing inflation, which imposed burdensome costs on American households. Trump has vowed to “make America affordable again” during his second presidency.
Pulte, who Trump announced as his pick to head the FHFA in January, was sworn in to the role on March 14.
The Federal Reserve declined the Daily Caller News Foundation’s request for comment.
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