Trump pressures Fed to cut rates, blames high borrowing costs for hindering homeownership. Plans to announce new Fed Chair. $200B in mortgage-backed securities to lower borrowing costs. Fed urged to pay lowest interest rates globally.

President Trump criticized the Federal Reserve for high borrowing costs, claiming that it has priced ordinary Americans out of homeownership. He argued that the US should have the lowest interest rates globally and accused Fed Chair Jerome Powell of hindering economic growth. Trump hinted at replacing Powell and revealed plans to do so soon. Additionally, he announced that the government would purchase up to $200 billion in mortgage-backed securities to lower long-term borrowing costs. This helped the 30-year mortgage rate drop below 6% for the first time in years. The full article is available on Benzinga.com.