Housing Industry Loses Status as Economic Driver: Fed Chair

Written by Kelsey Ramirez

Last Wednesday, Federal Reserve Chair Jerome Powell had his second hearing this week, this time before the House Committee on Financial Services for his semi-annual monetary policy report.

This came after his hearing in front of the Senate on Tuesday, where he spoke on GSE reform, trade tariffs and bank stress tests.

The hearing in front of the House was much the same as Powell answered many of the same questions and continued to dodge those that were too policy-specific or political.

However, Powell explained that, while still important to the American Dream, the housing industry simply isn’t the economic driver that it once was, and actually doesn’t have much pull in monetary policy decision making.

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