Bessent: revisions for 2024 jobs may be revised down by 800k

Bessent: revisions for 2024 jobs may be revised down by 800k

Treasury Secretary Scott Bessent has outlined new steps by the Trump administration to tackle high housing costs, as reported in an interview published Monday. Bessent revealed that the government is considering measures to streamline permitting and promote standardized building practices to boost housing supply and alleviate price pressures [1]. These potential reforms could be implemented in the coming weeks.

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In addition to these regulatory changes, Bessent has signaled support for a more aggressive interest-rate cut than the Federal Reserve’s customary quarter-point move. This stance is based on recent downward revisions to U.S. jobs data. Lower interest rates, he argued, would encourage homeowners with low mortgage rates to list their properties, thereby stimulating real estate transactions [1]. Moreover, Bessent hinted at a potential declaration of a national housing emergency by President Trump this fall if housing affordability continues to deteriorate due to limited supply. This declaration could trigger additional government interventions to address the issue [1]. Investors in real estate-linked exchange-traded funds, such as the Real Estate Select Sector SPDR Fund, HOMZ, and Vanguard Real Estate ETF, are closely monitoring these developments for potential impacts on their investments. References: [1] https://www.citybiz.co/article/738384/scott-bessent-weighs-new-measures-to-ease-housing-costs-bessent-says/