Loading ...States are concerned about both general inflation and housing cost that have skyrocketed. Arizona senator asked when are housing cost going down. Powell told him he can’t control that, it’s demand. Arizona said that interest in loans are 6 % of these inflated housing costs. When are interest rates going down. Paul said that will drive costs up. Arizona said it will free up the buying and selling and maybe help lower costs. Powell said nothing basically. Powell didn’t mind leaving the interest rates to nothing while housing was skyrocketing and wall street buying up property’s or him buying mortgaged backed securities.
Things can change but doesn’t look like Powell is interested in lowering interest rates even after all the damage his low forever interest rates.
One really interesting thing he said or responded to. A senator asked him when is the ink gonna run out. He asked to clarify. What happened when no one wants to buy the treasures. He said that never occured to him. Seriously! Sounded a bit careless to me.