Hasset: Powell May Choose to Resign After Inspector General's Report Is Released
BlockBeats News, May 11th - During an interview with BlockBeats, Brian Hassett, the Director of the White House National Economic Council, was asked how long Jerome Powell would remain on the Federal Reserve Board as a governor after Kevin Warsh takes over as Fed Chair.
Hassett stated that he believes once the Fed Inspector General completes the investigation into the Fed building renovation project, Powell may feel he has the option to step down. Hassett said: "I guess the opportunity to leave gracefully could be after the Inspector General's report comes out and he is satisfied with the results of the investigation."
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In September, new home sales in the United States reached an annualized rate of 676,000 units, surpassing the market expectation of 651,000 units. The median price for new homes was $400,400, marking a year-on-year decline for seven months within the year. U.S. mortgage rates reached their highest level in nearly three years at the beginning of October last month. Economists note that "price reductions and mortgage rate subsidies help sustain sales, but the market relies more on builder concessions rather than strong endogenous demand."
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