23 Jul If Trump fires Fed chief, what about my planned move?

Q. We keep hearing Trump talk about firing the head of the Federal Reserve and that interest rates should be lower. I am considering selling my home, which has a low interest rate, and the new home would have a much higher rate. I don’t know whether I should wait short-term to see if interest rates change or the Fed guy gets fired. How can I make this decision?
— Homeowner and seller, maybe

A. There’s been a lot of talk about whether or not President Donald Trump will — or if he can — fire Federal Reserve Chair Jerome Powell.

There is no way to know for certain what will happen.

The consensus among economists is that there will be two rate cuts of 25 basis points for a total of 50 basis points in 2025, moving the Federal Funds rate to between 3.73% and 4% from the current 4.25% to 4.50%, said Jody D’Agostini, a certified financial planner with The Falcon Financial Group in Morristown.

Then, consensus says there will be one cut of 25 basis points in 2026, moving the Federal Funds rate to around 3.5% to 3.75%, she said.

Again, none of this is set in stone and is reliant on the upcoming economic data.

“Timing the market is never guaranteed, and all real estate is local,” D’Agostini said.

Is your area experiencing price appreciation or bidding wars? Is the housing inventory increasing or have you seen price drops locally?

“It’s most important to consider your personal situation in regard to your goals and timeline,” she said. “Is there a personal reason that you need to sell now, or can you be patient until the situation clears a bit?”

Buying with a higher interest rate may mean you can only afford less of a house because of what the monthly payment will be, and that should be part of your consideration.

There’s always the option of refinancing down the road if interest rates come down.

Good luck making these big decisions.

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This story was originally published in July 2025.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.