Biden Adviser Says Fed Hikes Are Helping to Cool Housing Prices

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The US Federal Reserve, which meets this week to decide on interest rates, has helped to cool the overheated housing market.

The Fed is on track to raise interest rates by 75 basis points for a third consecutive meeting on Wednesday after economic data over the past few weeks showed inflation remains widespread. Mortgage rates have risen for the first time in six years, hitting the housing market hard.

Bernstein said on "Fox News Sunday" that the Federal Reserve is in a hiking cycle and should be. That is cooling off the housing market.

According to Bernstein, the release of strategic oil reserves by the Biden administration helped bring down the price of gas by more than a dollar.

Bernstein said that the decline provides some needed breathing room to families. Prices are still uncomfortably high. He said there was a lot more work to be done.