President Donald Trump renewed his attacks on the Federal Reserve after it raised its benchmark rate to 3.9%. Economists say the U.S. economy is growing steadily and inflation remains stubbornly high regardless of the central bank’s decisions. The average 30-year mortgage rate reached 6.95% last week, the highest in more than a year and a half, while the 10-year Treasury yield topped 5% for the first time since 2023. Joe Brusuelas, chief economist at RSM, attributed the shift to a structural transformation of the economy, from weak demand before the pandemic to an economy facing supply shocks and bottlenecks. The low interest rate, low inflation world that lasted nearly 15 years after the Great Recession is over.
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