Jerome Powell, the chair of the Federal Reserve, said on Thursday that the U.S. economy is “not sending any signals that we need to be in a hurry to lower rates.” The statement was enough to raise mortgage rates to an even higher level, a sharp departure from the optimism lenders experienced during the September rally, which now seems like a distant memory.

“We are moving policy over time to a more neutral setting. But the path for getting there is not preset,” Powell said in an economic outlook speech in Dallas. “The details ⇒

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