The Consumer Price Index has fallen to 2.9%, nearing the Federal Reserve's target. Housing costs account for 90% of this month's inflation gain.
Sturtevant raised concerns that the Fed's focus on inflation may have delayed necessary rate cuts, particularly as housing costs heavily influence the CPI.
High mortgage rates have significantly affected housing costs, which in turn exacerbate inflation metrics, suggesting a need for interest rate cuts by the Fed.
After a period of aggressive rate hikes, a reduction in benchmark rates would provide relief for the housing industry still struggling with high costs.
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