Powell: 'The recent data have clearly not given us greater confidence and instead indicate that it is likely to take longer than expected to achieve that confidence' that inflation will return to 2%.

Frank Lucas will run to succeed Patrick McHenry as the top Republican on House Financial Services, entering a contest with at least three other senior committee members. subscriber.politicopro.com/article/2024/0…

From the minutes of the Fed's March rate-setting meeting, released today: 'Participants discussed the still-elevated rate of housing services inflation and commented on the uncertainty regarding when and by how much lower readings for rent growth on new leases would pass through'

NEW: 5th Circuit Judge Don Willett, who's hearing the legal challenge to CFPB's $8 cap on credit card late fees, reported stock holdings in Citigroup, the nation's second-largest issuer of credit cards.

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The decision allows the Justice Department to move forward with an investigation of the nation's largest trade group. w/ Josh Sisco
politico.com/news/2024/04/0…

A federal appeals court has sided with the Justice Department, allowing the agency to reopen an antitrust investigation of the National Association of Realtors that the trade group says is not allowed to go forward due to an earlier settlement.
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NEW: Senate Banking's Brown & Scott are in staff talks on a housing package, I'm told, & planning a hearing with regulators April 18.

It's a marked shift from earlier this year, when they appeared far apart on how to fix affordability.

For POLITICO Pro: subscriber.politicopro.com/article/2024/0…

New: Durbin is pushing his Senate Judiciary hearing on credit card swipe fees until after April 9, a Senate aide tells me.

He said last week that Visa, Mastercard and airline CEOs had declined his invite to testify that day.

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Rental housing market targeted in criminal price-fixing probe ow.ly/gnA7105mE3Q

A new FHFA Working Paper shows how mortgage rate lock-in has prevented over 1.3M sales and elevated house prices an extra 6% the last 2 years. Not all homeowners see the same impacts, and even if rates decline, lock-in effects will not vanish quickly. fhfa.gov/papers/wp2403.….

Biden is considering not naming a permanent replacement for departing HUD secretary Marcia Fudge, despite housing advocates’ plea for a successor. WH is grappling with election-year politics on the Hill as it considers nominees. W/ Jennifer Haberkorn Eugene Daniels
politico.com/news/2024/03/1…

>> Some news: I moved over to @Politico’s economy team this week!

I'll be covering banking/financial regulation — and I'll continue writing about student debt.

Add me to your press lists & send scoops this way:
mstratfordPOLITICO.com

Joe Biden has fixated on high housing costs that threaten to undermine his economic record, regularly quizzing aides on mortgage rates and pressing staff for more ideas to make homes affordable.

Behind the WH housing push, w Eugene Daniels Katy O'Donnell politico.com/news/2024/03/1…

Marcia Fudge is stepping down from her post leading HUD next week. In statement, Biden praised her as a 'a strong voice for expanding efforts to build generational wealth through homeownership and lowering costs and promoting fairness for America’s renters.'