Interest Rates Are Higher Under Biden. Good News or Bad?

The hot talk in Washington is about inflation, not interest rates. “We’re experiencing a big uptick in inflation, bigger than many expected, bigger certainly than I expected, and we’re trying to understand whether it’s something that will pass through fairly quickly or whether, in fact, we need to act,” Federal Reserve Chairman Jerome Powell told the Senate Banking Committee last week. Meanwhile, U.S. mortgage interest rates have risen since President Joe Biden took office in January according to Federal Reserve data. On the day he was inaugurated, the 30-year fixed rate was around 2.75 percent. By April 1, it had risen to 3.18 — its highest level since June of last year. Rates have been gradually declining since then but have…