The housing market, together with other parts of the country’s economy, could already be in a recession, U.S. Treasury Secretary Scott Bessent warned on Sunday.

"I think that we are in good shape, but I think that there are sectors of the economy that are in recession," Bessent said during an interview for CNN ’s ‘State of the Union.’

The blame, the Trump-appointed treasury secretary said, should be put on the U.S. central bank. "The Fed has caused a lot of distributional problems with their policies," he told CNN .

"We have seen the biggest hindrance for housing here, that is mortgage rates. So, if the Fed brings down mortgage rates, then they can end this housing recession."

Is The Housing Market in a Recession?

A recession, by definition, is a widespread decline in economic act

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