July trade deal deadline ‘not critical,’ White House says 

New deals between the U.S. and its major trading partners may not be finalized by the time President Donald Trump's 90-day tariff pause ends in early July, but the White House signaled this week that the deadline "is not critical."

Meanwhile, Trump renewed criticisms of Jerome Powell after the Federal Reserve chair defended the central bank's decision to leave interest rates unchanged.

Elsewhere in Washington, D.C., the Department of Housing and Urban Development announced its headquarters are moving, and congressional Democrats reintroduced legislation aimed at assisting first-time homebuyers.

Trade deals 'wrapped up by Labor Day'?

Days after Trump announced a series of steep tariffs on April 2, he initiated a temporary freeze that is slated to end on July 9. During a June 26 briefing, White House Press Secretary Karoline Leavitt told reporters that deadline "is not critical" and that U.S. Trade Ambassador Jamieson Greer "has had very good and productive discussions with many of our key trading partners."

Treasury Secretary Scott Bessent told Fox Business on June 27 that while Trump is "happy to go back to the April 2 levels" if additional tariff agreements can't be reached, other countries are "approaching us with very good deals." If the trend continues, he added, "then I think we can have trade wrapped up by Labor Day."

Trump turns up the heat on Fed chair

The Fed hasn't made a move on interest rates since December, and despite signs of internal dissent, Powell told members of Congress this week there is no rush to lower rates — especially given the uncertain effects of tariffs on inflation.

According to new data published on June 27, the personal consumption expenditures price index — which the Fed uses to gauge inflation — rose 2.3% in May, which was higher than expected.

That news didn't appear to sway Trump. During a June 27 press briefing, Trump said the Fed leader is "hurting us for years to come," adding, "The country's doing well: We have no inflation. Despite him, we're doing great. But if we got the rates down, we would be a rocket ship."

Trump also suggested he is already considering who will replace Powell when his term ends in May 2026, telling reporters this week, "I know within three or four people who I'm going to pick," according to Politico.

Federal Housing Finance Agency (FHFA) Director Bill Pulte, who has repeatedly called for Powell's resignation, alleged during a June 27 interview with CNBC that Powell is "keeping these rates high for no reason."

GSEs ordered to consider accepting crypto

The Trump administration is meanwhile considering a big change for the mortgage industry. Pulte, who appointed himself chairman of the Freddie Mae and Fannie Mac boards in March, announced on June 25 that he has ordered both government-sponsored enterprises (GSEs) "to prepare their businesses to count cryptocurrency as an asset for a mortgage."

The policy shift would be significant if approved, as Fannie and Freddie together account for about 70% of the U.S. mortgage market, according to the National Association of Realtors. Pulte acknowledged the weight of the change in a June 26 post on X, writing that the real estate and mortgage industries "were forever changed" with the announcement.

HUD announces a new home, new leaders

HUD is officially moving its headquarters out of the Robert C. Weaver building, which has served as the department's D.C. home since 1968. Over 2,700 HUD employees will be moving out as the agency takes over the former National Science Foundation building in nearby Alexandria, Virginia.

The move will help the department avoid having to spend "several hundred million dollars" in taxpayer money to refurbish the aging building, according to a June 25 press release.

HUD also announced three additions to its leadership team. Jonathan "Drew" McCall, who was previously HUD Secretary Scott Turner's deputy chief of staff, was named chief of staff. Todd Thurman, Turner's former senior advisor, and Reid Wilson, a former HUD White House liaison, were appointed deputy chiefs of staff.

The new appointments came two weeks after the Senate confirmed Andrew Hughes as the department's new deputy secretary.

Revived bill aims to help first-time buyers

As National Homeownership Month winds to a close, four Congressional Democrats — Reps. Maxine Waters of California, Sylvia Garcia of Texas, Al Green of Texas and Ayanna Pressley of Massachusetts — have reintroduced the Downpayment Toward Equity Act. The bill, first introduced four years ago, aims to help close the gap between wealth and homeownership with a proposed $100 billion in assistance for first-generation buyers aspiring to purchase their first home.

"For too long, families of color and first-generation buyers have faced insurmountable barriers to owning a home due to predatory lending, high downpayment requirements, and increasing home prices," Waters said in a June 26 press release.

The proposed legislation "will provide targeted, direct assistance to help millions of hardworking Americans finally achieve homeownership and begin to build wealth for themselves and their families," Waters added.