HousingWire Daily Logan Mohtashami: July rate cuts from shadow Fed Chair Chris Waller?
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Jul 21, 2025 
Logan Mohtashami, Lead Analyst focused on housing and economic trends, joins the discussion to delve into potential July rate cuts suggested by Fed Governor Chris Waller. He explores the current state of single-family construction, pointing out its decline due to rising rates. The conversation highlights the contrasting dynamics between new and existing home sales and the critical need for accurate market data to combat misinformation. Mohtashami also shares insights on employment trends in construction amidst a fluctuating housing market.
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Christopher Waller Pushes July Cut
- Fed Governor Christopher Waller advocates for a July rate cut to get to neutral monetary policy quickly.
- He argues it's prudent to act before the labor market weakens, providing coherent justification to others Fed members.
Waller Needs Committee Backing
- One Fed official alone cannot decide rate cuts; committee consensus is key.
- Waller's coherent stance on neutral policy garners more trust compared to others seen as Trump's puppets.
Housing Starts Declining, Backlog Large
- Single-family housing starts and permits are falling, signaling stress in new home construction.
- Builders maintain employment due to large backlogs and hope mortgage rates stabilize near 6%.