Federal Reserve officials signal cautious path for rate cuts amid still-high inflation.

The U.S. banking system’s $3.3 trillion cash raises concerns over inflation. Read why policies may lead to new inflationary pressures despite Fed efforts.

Just a few weeks ago, the path ahead for the Federal Reserve looked straightforward: With inflation cooling and the job market slowing, the Fed appeared on track to steadily cut interest rates.

It’s a huge frustration for all the folks that were excited to jump in and buy homes, once the Feds started cutting interest rates,” said Lara Rhame, chief economist at FS Investments.

The Federal Reserve was expected to lower its key interest rate later that month, and Doolittle and his partner hoped the cut would drive down mortgage rates even further. The wait cost them.