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flag High interest rates may have already caused a housing market recession, prompting Treasury Secretary Bessent to urge faster Fed rate cuts.

flag Treasury Secretary Scott Bessent said high interest rates may have already pushed the U.S. housing market into recession, citing weak home sales and disproportionate harm to low-income households. flag Speaking on CNN, he urged the Federal Reserve to accelerate rate cuts, noting that reduced government spending has lowered the deficit-to-GDP ratio to 5.9%, which should ease inflation. flag Fed Governor Stephen Miran, who dissented from a recent 25-basis-point cut, warned prolonged high rates risk recession if inflation isn't a pressing concern. flag Their comments follow Fed Chair Powell’s signal of no December rate cuts, drawing criticism from administration officials.

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