Donald Trump Criticizes Federal Reserve Over High Mortgage Rates
President Donald Trump accused the Federal Reserve Board of wanting the country to do badly as 30-year mortgage rates hit a three-year high.
Donald Trump criticized the Federal Reserve Board on Wednesday, claiming the board "would like to see the country do badly" because he believes interest rates should be lower. The president's comments follow a surge in 30-year mortgage rates, which recently reached their highest point in nearly three years.
While Trump described Federal Reserve Chairman Kevin Warsh as "great," he targeted the remaining members of the board for their current policy stance.
Treasury Secretary Scott Bessent attributed the current high inflation to an energy shock resulting from the conflict with Iran. Bessent predicted that once the conflict resolves, a well-supplied energy market will allow inflation to move toward the Federal Reserve's target, subsequently lowering mortgage rates and the 10-year Treasury yield.
