从“房贷QE”到“信用卡限价”：当特朗普开始亲自定价利率

Core Viewpoint - The article discusses the Trump administration's intervention in interest rates, particularly focusing on mortgage and credit card rates, as a response to the Federal Reserve's reluctance to lower rates quickly. This intervention is seen as a political strategy to address voter concerns about financial burdens rather than a purely economic decision [1][2][5]. Group 1: Mortgage Market Intervention - The Trump administration has directed Fannie Mae and Freddie Mac to purchase mortgage-backed securities (MBS) to mitigate the impact of the Federal Reserve's balance sheet reduction, aiming to narrow the spread between mortgage rates and Treasury yields [7][8]. - This intervention is characterized as a "quasi-QE" experiment, leveraging historical precedents of quantitative easing [6][8]. - The 30-year mortgage rate is crucial as it directly influences home purchasing ability, while the average credit card APR significantly affects household cash flow [9][10]. Group 2: Credit Card Rate Cap Proposal - The proposal to impose a 10% cap on credit card interest rates raises concerns as it disrupts the risk-based pricing mechanism, which is essential for lenders [11][12]. - Current average credit card APRs range from 20% to 25%, and enforcing a cap without financial support could lead banks to withdraw from the market, limiting credit access for higher-risk borrowers [12][13][14]. - This shift from market intervention to price control is alarming as it sets a precedent for future financial policies [15]. Group 3: Broader Implications of Administrative Power - The article highlights a fundamental shift in how interest rates are determined, moving from a market-driven approach to one influenced by political decisions, which could have long-term consequences for the financial system [18][19]. - The traditional separation of powers in U.S. economic policy is being challenged, with the administration seeking to redefine the boundaries of monetary policy and its implementation [17][18]. - The real risk lies not in the immediate effects of rate changes but in the potential for political judgments to dictate financial pricing, which could destabilize the market [19].