Mortgage rates continue to ease, but demand is not following, as there are few who can benefit from a refinance, and homebuyers are still facing high prices.
In a tweet early Wednesday, Musk called on the Fed “to cut interest rates immediately” or risk “amplifying the probability of a severe recession.”
The central bank is fighting the ghosts of past inflation, and a heavy-handed tactic on rates would ensure something somewhere will break.
Many are hoping for a “step-down” in policy that could see a rate increase of half a point at the December meeting and then a few smaller hikes in 2023.
The Fed is expected to raise interest rates by three-quarters of a point Wednesday and then signal it will reduce the size of rate hikes starting in December.
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