Trump claims Fed board wants US to do badly as mortgage rates rise
President Donald Trump said on Wednesday the Federal Reserve Board would like to see the country do badly, as the 30-year mortgage rate hit its highest point in almost three years. Treasury Secretary Scott Bessent attributed high inflation to an energy shock and forecast rates would fall after the I
US President Donald Trump on Wednesday said the Federal Reserve Board “would like to see the country do badly”, as the 30-year mortgage rate hit its highest point in almost three years.
Asked by a reporter about mortgage rates, Trump called Fed chairman Kevin Warsh “great” but added the rest of the board “would like to see the country do badly, in my opinion, because I think interest rates should come down”.
Treasury Secretary Scott Bessent, speaking in the Oval Office alongside Trump, said inflation was high because of the “energy shock”.
“So once we get on the other side of this Iran conflict, energy market is going to be well supplied, and we will move down towards the Fed's target and mortgage rates and the 10-year will come back down,” Bessent added.