Exactly, interest rates must come down due to the government debt burden. This debt burden creates a strong incentive to force rates to zero, but we have to pretend the Federal Reserve is independent.
Separately, I think Jerome Powell is one of the worst Fed chairs as he is most (but not exclusively) responsible for what happened to the housing market by creating a lock-in effect and focusing on their CPI basket.
Separately, I think Jerome Powell is one of the worst Fed chairs as he is most (but not exclusively) responsible for what happened to the housing market by creating a lock-in effect and focusing on their CPI basket.