Treasury Secretary Scott Bessent said Monday he believes the Federal Reserve system should be reviewed for potentially holding back the US economy, which is “on the cusp” of growth that could equal the dot-com boom seen in the 1990s.

The Trump administration has seized on the Federal Reserve’s renovation of its building in what legal experts say could be pretext to fire Jerome H. Powell, the central bank chair.

The average rate on 30-year fixed home loans increased to 6.75% for the week ending July 17, up from 6.72% last week.

Federal Reserve Governor Christopher Waller said on Thursday he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures.

Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month to boost a job market that looks to be weakening.

All the data on inflation since Trump returned to office suggest that Jerome Powell is being too cautious in his approach to rate cuts.

The higher yields found in the bond market provide a bigger buffer against volatility compared with a few years ago — and greater potential for upside than downside as interest rates change, according to Vanguard.

Some investors had clung to a bit of hope that the Federal Reserve would cut interest rates at its next meeting on July 30. Tuesday's report on inflation brought the chances of that down even further.