F
ed Governor Stephen Miran has called for a “big” rate cut at the next Fed meeting, urging a 50‑basis‑point drop even though most governors favor only 25 points. He argues that trade tensions with China make a swift move to a neutral policy stance urgent, and he expects short‑term rates to fall 75 bps by year‑end. The Fed’s first cut of 2025 came in September, and Miran’s stance is out of step with the more cautious majority.

    Meanwhile, the Trump administration is pushing to shut down the Consumer Financial Protection Bureau. OMB director Russell Vought said the agency will be wound down in two to three months, with most staff already reassigned or laid off. The CFPB was created after the 2008 crisis to protect consumers, but Republicans view it as unnecessary government spending.

    The federal shutdown has persisted after a 10th failed vote on a continuing resolution on Oct. 16. While furloughed workers normally return once a shutdown ends, the administration is making permanent cuts at several agencies, including the CFPB. Treasury Secretary Scott Bessent has a shortlist of five candidates for Fed Chair, to be presented to President Trump after Thanksgiving, as Chair Jerome Powell’s term ends in May 2026.

    In Washington, the Senate advanced the ROAD to Housing Act, a bill backed by industry groups and the National Association of Realtors. The bill still needs House approval. NAR’s executive VP Shannon McGahn warned that the prolonged shutdown threatens the housing market and the broader economy. The administration has also fired 442 HUD employees, a move temporarily blocked by a judge but part of a broader effort to reduce the federal workforce. Vought said cuts will continue throughout the shutdown.

    Key takeaways: Miran wants a 50‑basis‑point rate cut; the CFPB is likely to close within months; the Fed Chair’s successor is being selected; the federal shutdown continues; and housing legislation is moving forward amid ongoing budget disputes.