Trump blames 'Too Late Powell' for a housing crisis—but top analysts say low rates 'snapped the trap shut' on Millennial and Gen Z homeowners in the first place

ANALYSIS: President Trump is blaming Jerome Powell and the Fed for the housing downturn, but economists from JP Morgan and Morgan Stanley say today’s high mortgage rates aren’t the Fed’s doing—it’s the legacy of keeping rates ultra-low for years after the financial crisis, which inflated home prices and left affordability shattered. Despite multiple Fed cuts, mortgage rates remain stuck because lenders are largely ignoring monetary policy amid tight housing supply, pandemic-era buying, and a decades-high spread between policy rates and mortgage offers.

A housing crisis is the stick the White House has selected to beat Fed chairman Jerome Powell with. “Could somebody please inform Jerome ‘Too Late’ Powell that he is hurting the housing industry, very badly?” the president wrote on Truth S