U.S. Housing FHFA Director William J. Pulte, echoing his boss President Donald Trump, puts the blame squarely on Federal Reserve Chairman Jerome Powell. Pulte ratcheted up criticism of Powell this week, first calling for his resignation and then delivering a powerful personal rebuke on June 27.

Trump has been highly critical of Fed chair Powell for not cutting rates. Some see Trump's pressure campaign against the central bank chief as futile.

Jerome H. Powell, whose term does not expire until May, has argued that the central bank can afford to be patient about cutting interest rates amid uncertainty about the economic outlook.