The Federal Reserve has decided to hold its benchmark interest rate steady at a range of 4.25% to 4.5% following its two-day meeting on Wednesday. The decision aligns with market expectations as the central bank remains cautious amid persistent inflation.

Most market participants are now anticipating a rate cut in September, which could provide relief to the housing market even before it’s officially enacted. According to the CME Group‘s FedWatch tool as of Wednesday morning, only 3.1% of market participants anticipated a rate cut in July, whereas 55.9% expect a 25 basis-point reduction in September.

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