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Real estate groups urged the Fed to stop rate hikes. Here’s why._我的网站

A |     8月26日消息，全球最具影响力的开源项目Linux在昨日迎来了其诞生35周年纪念日。

B |     Major housing industry groups voiced "profound concern" in a letter this week urging the Federal Reserve to stop raising interest rates.The rare public admonishment from top business advocates -- including the National Association of Realtors and the National Association of Home Builders -- underscores a dramatic slowdown in the housing market due in large part to rising interest rates.The letter arrives roughly three weeks before the Fed plans to make its latest rate-hike decision.Mortgage rates have reached their highest level in more than two decades and they have continued to rise. Data released on Thursday showed that mortgage rates increased for the fifth consecutive week, according to Freddie Mac."The speed and magnitude of these [mortgage] rate increases, and resulting dislocation in our industry, is painful and unprecedented," the letter from the housing groups said.Here's what to know about why real estate groups called on the Fed to stop raising rates:

What's happening in the housing market?

Sky-high mortgage rates have dramatically slowed the housing market, since homebuyers have balked at stiff borrowing costs and home sellers have opted to stay on mortgages that lock them into relatively low rates.Mortgage applications have fallen to their lowest level since 1996, the Mortgage Brokers Association said earlier this month.Sales of previously owned homes, meanwhile, have plummeted more than 15% compared to a year ago, the National Association of Realtors found in August.The slowdown has coincided with a sharp rise in costs for potential homebuyers.The average interest rate for a 30-year fixed mortgage has climbed to nearly 7.6%, Freddie Mac data shows.When the Fed initiated the rise of bond yields with its first rate hike of the current series in March 2022, the average 30-year fixed mortgage stood at just 4.45%.Each percentage point increase in a mortgage rate can add thousands or tens of thousands in additional costs each year, depending on the price of the house, according to Rocket Mortgage.

What role is the Federal Reserve playing in the housing market slowdown?

An aggressive series of interest rate hikes at the Federal Reserve since last year has pushed up the 10-year Treasury yield, which loosely tracks with long-term mortgage rates.The Fed has fought elevated inflation with borrowing cost increases as it tries to slash price hikes by slowing the economy and choking off demand.While inflation has fallen significantly from a peak of about 9% last summer, price increases remain more than a percentage point higher than the Fed's inflation target.Price increases held steady in September, fresh data on Thursday showed, suggesting that elevated inflation remains resistant to the interest rate hikes.The persistence of elevated inflation has prompted the Fed to espouse a policy of holding interest rates at high levels for a prolonged period, which in turn has increased the 10-year Treasury yield and put upward pressure on mortgage rates.Moreover, the Fed expects to raise rates one more time this year, according to projections released last month.Speaking at a press conference in Washington, D.C., last month, Fed Chair Jerome Powell acknowledged the continued effect of interest rates on mortgages, noting that activity in the housing market "remains well below levels of a year ago, largely reflecting higher mortgage rates."

What do the housing industry groups want the Fed to do?

Housing industry advocates want the Fed to take swift actions that reassure investors and other market participants of an end to the policies cooling the industry.Most notably, the industry groups want the central bank to release a statement saying that it has abandoned consideration of additional rate hikes.In their letter to Fed officials, the housing groups cautioned that a further slowdown in real estate could help tip the U.S. economy into a recession, scuttling the central bank's effort to achieve a "soft landing.""We urge the Fed to take these simple steps to ensure that this sector does not precipitate the hard landing the Fed has tried so hard to avoid," the letter said.。     自1991年Linus Torvalds发布首份开发公告以来，这款开源内核的代码行数已从最初的1万行激增至目前的4000万行以上，增幅达4000倍，成为全球运行设备数量最多的软件内核。    1991年8月25日，当时还是计算机系学生的Linus Torvalds在Usenet新闻组发布消息，称自己正在开发一款类似Minix的免费操作系统，并强调这只是一个“兴趣爱好”，不会像GNU那样庞大专业。          有趣的是，该系统最初拟定名称为“Freax”，但在同事上传代码时被修改为“Linux”，这一改动最终定义了过去35年的计算格局。    在技术规格演进方面，Linux内核的增长轨迹极其惊人，1991年首个公开版本的代码量仅为1万行左右，而到2026年，这一数字已突破4000万行。     这种爆炸式增长并非由单一商业实体推动，而是由全球数千名核心贡献者和数十万名开发者共同协作的结果。    Linus Torvalds本人至今仍保持着对项目的最终审核权，确保了内核在支持多线程文件系统等先进特性方面的领先地位。         目前Linux在基础设施领域的地位已无法撼动，行业数据显示，全球约80%的Web服务器运行在Linux发行版之上，而代表全球最高算力水平的Top500超级计算机，目前已实现100%采用Linux系统。     在移动端，基于Linux内核的Android系统拥有近40亿台活跃设备，在嵌入式领域，从家用路由器到汽车MCU，Linux同样占据主导地位。

C |     相比于在企业级市场的统治，Linux在个人PC市场的表现也正在发生改变，随着Steam Deck等基于Linux开发的游戏掌机大卖，桌面端Linux的易用性和兼容性得到了显著提升。    与此同时，竞争对手Windows系统因隐私策略和性能波动正面临用户流失压力，这为Linux在消费级市场的进一步扩张提供了契机。

D |     但Linux的发展并非全无隐忧，随着代码行数突破4000万大关，内核的复杂性带来了维护难度与安全挑战的激增。

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