Vice President JD Vance called on the Federal Reserve to lower interest rates Thursday, arguing that borrowing costs are making it harder for Americans to afford homes even as the central bank’s chair has signaled rates may need to rise to combat stubborn inflation.

“We believe that the Fed should be lowering interest rates,” Vance told reporters. “We feel quite confident that if you look at the inflation numbers, if you look at the CPI numbers, that it’s proper and responsible for the Federal Reserve to lower interest rates.”

Vance spoke from the White House briefing room during the administration’s first formal press briefing in 42 days, taking the podium as the White House remains without a permanent press secretary following Karoline Leavitt’s departure last month.

Vance said President Donald Trump’s focus on interest rates is driven in part by housing affordability, since higher rates can translate into more expensive mortgages and other borrowing costs.

But Federal Reserve Chair Kevin Warsh offered a notably different assessment last week, emphasizing inflation remains too high and suggesting the central bank could need to raise rates in the coming months to bring it down. Warsh said recent data showing some cooling in inflation did not demonstrate that underlying trends had “meaningfully improved.”

The competing views underscore the challenge facing the Fed: Higher interest rates can help curb inflation by cooling borrowing and spending, but they can also increase financing costs for consumers and businesses. Lower rates can make borrowing cheaper and help prospective homebuyers, but cutting too aggressively while inflation remains elevated risks fueling additional price pressures.

The debate over rates comes as the Trump administration faces criticism over affordability, a key issue for voters heading into the November midterm elections. Asked why voters should not blame Republicans for high prices on gasoline, energy and other goods, Vance said he was more concerned with addressing inflation.

“I don’t really care who’s to blame for it. I care about how to fix it, and that’s what we’ve been working to do,” Vance said.

Vance nevertheless blamed Biden administration policies for inflation, arguing that federal spending contributed to higher prices and that reversing those effects would take time.

Vance also declined to say when gasoline prices would significantly decline, suggesting prices could have risen further without the administration’s efforts amid the ongoing war with Iran.

Gas prices averaged $4.14 a gallon nationally Thursday, up from $3.19 a year ago, according to AAA.

“I’m not going to make a promise about when it’s going to return to $3,” Vance said. 

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