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top Federal Reserve official, Christopher Waller, suggests that the six-month pause on rate cuts may soon come to an end. The Fed has kept rates steady due to caution, but Waller believes the economy is in a good spot for rate reductions. He predicts that if inflation spikes in response to tariffs, it would be a one-off effect and the Fed could always put interest rates back on pause.

    Waller suggests that when the Fed does decide to cut rates, the process will start slowly to avoid surprises. He also believes that the current economic data supports rate cuts, with GDP growth near its long-run target and unemployment at its target level.

    Meanwhile, Federal Housing Finance Agency Director Bill Pulte has criticized the Fed's decision to keep rates unchanged, calling it "reckless." He has also called for Fed Chair Jerome Powell's resignation, citing high interest rates despite low inflation. President Donald Trump has also weighed in, criticizing Powell and suggesting he could take a more active role in the Fed's activities.

    In other news, Senator Mike Lee has revised draft legislation that proposes selling federal land for housing. The proposal would allow for the sale of some Bureau of Land Management and U.S. Forest Service land in 11 Western states to help address housing affordability challenges. Environmental conservation groups have pushed back on the proposal, citing concerns about the impact on protected areas.

    The Mortgage Bankers Association has thrown its support behind a new credit report model that could reduce costs for consumers. The association has advocated for competition in the credit reporting and score space, and suggests using a single credit report model instead of three would lead to higher-quality services and lower costs.