During a Congressional hearing, Federal Reserve Chair Jerome Powell faced intense scrutiny regarding the Fed's interest rate policies amidst a growing housing crisis. Rep. Rashida Tlaib expressed her concern over the impact of high rates on Black women facing evictions in her district, arguing that the current rate suppresses residential construction. Powell, however, emphasized that restoring overall price stability would ultimately benefit homeowners and builders. The hearing highlighted a unique convergence of criticism from both progressive Democrats and former President Trump regarding the Fed's rate decisions.
We're talking about a housing crisis that is getting worse right now. I come from a community right now that I believe is now being impacted by the current framework that you're putting together, that I do feel like it's going to be long-term effects on the housing crisis, and you're ignoring it.
No, we're not. Actually, we think the very best thing we can do is to fully restore price stability at the aggregate level. That will be the best thing for homeowners and for homebuilders, and for everybody else, in the long run.
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