The Fed's Zero Rate Policy and the Recession

The Fed pushed interest rates to zero during COVID lockdowns, at which point Americans refinanced their mortgages in droves. The result is gridlock as empty nesters put off their retirement dreams and young families postponed buying a house with room for the kids. As a result, the number of homes for sale now is currently just half what it was pre-pandemic. An existing home sales are down a third. All this despite there being 4 million more people in the country than pre- pandemic.