High interest rates may have caused housing recession, Bessent says
1. High mortgage rates hinder the real estate market, indicating recession in housing. 2. Treasury Secretary Bessent urges Fed to accelerate interest rate cuts. 3. Fed Chair Powell hinted no further rate cuts at December meeting. 4. Pending home sales remained flat in September, showing housing weakness. 5. Ongoing tight monetary policy risks inducing economic recession, warns Fed officials.