Federalist Radio Hour It’s The Economy, Stupid
Nov 18, 2025
Phil Kerpen, president of American Commitment and economic commentator, joins to tackle the nation’s affordability crisis. He discusses the disastrous effects of Obamacare and critiques the Fed's handling of inflation under Jerome Powell. The conversation highlights the importance of local policies on housing affordability and warns against risky federal housing plans. Kerpen also addresses the implications of 50-year mortgages and stresses the need for regulatory reform to alleviate construction costs and improve housing availability.
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Mortgage Rates Follow Inflation Expectations
- Long-term mortgage rates track inflation expectations, not just Fed short-term cuts.
- Lack of fiscal discipline and big deficits raise inflation expectations and keep long rates high.
Enable Portable Mortgages To Free Inventory
- Consider mortgage portability or assumability to unlock housing inventory.
- Policymakers should explore ways to let low-rate mortgages transfer with sales to reduce market freeze.
Fed Missed Its Own Inflation Target
- Jerome Powell has largely missed his own inflation target over his tenure.
- Kerpen argues Fed policy lacked consistency and failed by its own standards.
