U.S. Federal Housing Finance Agency Director William Pulte is calling for Federal Reserve System board of governors chair Jerome Powell to resign.
“Because President Trump has crushed inflation, Fed Chairman Jerome Powell needs to lower interest rates today, and if not Chairman Powell needs to resign, immediately. Fannie Mae and Freddie Mac can help so many more Americans if Chair Powell will just do his job and lower rates,” Pulte declared Wednesday afternoon in a post on X.
Pulte and President Donald Trump have both been calling for interest rate cuts.
FEDERAL RESERVE LEAVES KEY INTEREST RATE UNCHANGED FOR FOURTH STRAIGHT MEETING
But their calls once again went unheeded this week as a statement issued on Wednesday noted that the Federal Open Market Committee opted “to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent.”
Trump, a vociferous critic of the Fed chair, continued hammering Powell.
“Too Late—Powell is the WORST. A real dummy, who’s costing America $Billions!” Trump declared in a Wednesday night Truth Social post.
Trump and Pulte continued to wage their anti-Powell, pro-rate-cutting crusade on Thursday.
“‘Too Late’ Jerome Powell is costing our Country Hundreds of Billions of Dollars. He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit,” Trump asserted in a Thursday morning Truth Social post, labeling the Fed chair “an American Disgrace!”
TRUMP-NOMINATED FHFA DIRECTOR PRESSES FOR FED CHAIR POWELL TO CUT INTEREST RATES: ‘ENOUGH IS ENOUGH’
Pulte pelted Powell with criticism, continuing to advocate for his resignation.
“I am calling for Federal Reserve Chairman, Jay Powell, to resign,” he declared in a post on X.
“It is so totally reckless to keep rates where they are at. Mortgage rates were 3% and went to 7%. This is crazy. This crushed affordability. Inflation is down. Mortgage rates, and interest rates, need to come down. Jerome Powell is doing a great injustice to this Country,” Pulte declared in another post.
He asserted in another X posting that “Jerome Powell is a main reason for the Housing Supply Crisis in this Country. By improperly keeping interest rates high, Jerome Powell is trapping homeowners in low-rate mortgages and choking off existing home sales—directly fueling the housing supply crisis. He must lower rates.”
But while Trump and Pulte are clamoring for rate cuts, economic and political commentator Peter Schiff thinks “interest rates are too low.”
WHO COULD REPLACE FED CHAIR POWELL? THESE ARE THE TOP CONTENDERS
“Rates are not high. They are still too low. Look at all the consumer and government borrowing. Look how low the savings rate is. Look at the price of gold. Those are sure signs that interest rates are too low,” Schiff, Euro Pacific Asset Management chief economist and global strategist, said in a post on X.
Schiff was responding to Pulte, who had claimed that “there is no legitimate factual basis to keep rates high.”
Read the full article here
