US Treasury Sec. Bessent: Decrease in rates would unlock mortgage market

United States (US) Treasury Secretary Scott Bessent told CNBC on Monday that a decrease in interest rates would unlock the mortgage market, per Reuters.

Bessent added that they need to examine the entire Federal Reserve institution but refrained from commenting on a report that claimed he had advised US President Donald Trump not to fire Chairman Jerome Powell.

Regarding trade negotiations, Bessent noted that the European Union had become more engaged and said that they are going to continue talks with China in the near future.

Market reaction

The US Dollar Index extends its daily decline on Monday and was last seen losing 0.42% on the day at 98.05.