Vance Says Trump Wants Fed Rate Cuts to Boost Housing Affordability

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Vice President JD Vance said Thursday that the Trump administration is "quite confident" inflation data justifies Federal Reserve rate cuts, arguing lower rates would help Americans afford homes as long-term Treasury yields surge. Speaking at a White House press briefing, Vance said the president cares about interest rates mainly because he wants housing affordability, and called it "proper and responsible" for the Fed to act. However, Federal Reserve Governor Christopher Waller told Reuters he is prepared to keep rates unchanged at the September 15-16 meeting, and traders assign a 66.2% probability of a rate hike, per CME FedWatch, following Fed Chair Kevin Warsh's hawkish Jackson Hole speech. The 10-year Treasury yield recently hit about 4.8%, its highest since January 2025, while the 30-year yield traded above 5%, with the national debt climbing above $40.12 trillion. Vance deferred bond market questions to Treasury Secretary Scott Bessent, and New York Fed President John Williams attributed the yield rise to a strong economy and AI-driven investments, though investor Peter Schiff cited inflation expectations and fiscal concerns.

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Vance pushes for rate cuts but Fed officials signal no cut and traders price hike probability, implying policy rate may stay or rise.

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