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 System is not “owned” by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation’s central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to Congress.

Federal Reserve Governor Lisa Cook said Wednesday it will likely be appropriate for the U.S. central bank to continue cutting interest rates, as the risks to the monetary authority's employment and inflation goals are "roughly in balance.

While Wall Street rejoiced in President Trump’s decisive win in Tuesday’s election and the Federal Reserve lowered its key interest rate by a quarter point, many members of the dairy industry gathered in Chicago for the American Dairy Products Institute Dairy Purchasing and Risk Management seminar.

The central bank’s target rates and its much-publicized recent rate cuts don’t directly set long-term mortgage and business loan rates. It’s not unheard

Interest rate cuts are underway at the Federal Reserve, but consumers have yet to get much relief. The rates individuals pay on loans from banks and credit card companies have barely budged, while would-be homebuyers hoping for relief from lower mortgage rates have instead seen those rates rise.