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U.S. Housing Faces Recession Amid High Mortgage Rates

11/2/2025

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Summary

Story summary

U.S. Treasury Secretary Scott Bessent says housing may already be in recession due to high rates and urges the Federal Reserve to accelerate cuts.
He notes the economy remains solid, but high mortgage rates hurt low-end consumers.
Federal Reserve Governor Stephen Miran echoes concerns and warns that prolonged tight policy could bring a recession.
Federal Reserve Chair Jerome Powell says further rate reductions are not guaranteed at the December meeting.

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Story summary

U.S. Treasury Secretary Scott Bessent says housing may already be in recession due to high rates and urges the Federal Reserve to accelerate cuts.
He notes the economy remains solid, but high mortgage rates hurt low-end consumers.
Federal Reserve Governor Stephen Miran echoes concerns and warns that prolonged tight policy could bring a recession.
Federal Reserve Chair Jerome Powell says further rate reductions are not guaranteed at the December meeting.