Some Fed watchers are looking at the September FOMC meeting for the next rate cut, pending the outcome of tariff inflation and the unemployment rate. A 12-0 vote to hold interest rates steady would be a powerful signal of a strong conviction among the members of the FOMC.

The Fed has held its benchmark interest rate between 4.25% and 4.5% this year, though officials have penciled in two cuts by year-end.

The wait for a more affordable housing market is only getting longer as lingering inflation and tariff uncertainties keep the Fed in monitor mode.