Several things happen on Fed Day--especially on the 4 out of 8 examples with updated rate forecasts from Fed members.  The official announcement of a rate cut is typically the least important aspect.

The Fed has kept borrowing costs elevated for more than two years to help slow inflation, since higher rates make it more expensive for households and businesses to spend and borrow. On July 30, Fed chair Jerome Powell had described the rate as "modestly restrictive."

Experts say Americans shouldn't expect a further decline in mortgage rates immediately after the Fed's September meeting.

The Federal Reserve may be poised to resume interest-rate cuts this week, but it could do more to ease US mortgage costs and stimulate housing by using different tools involving its balance sheet, says Pacific Investment Management Co.

Bessent has suggested that Fed Governor Lisa Cook should be removed over allegations that she committed mortgage fraud, which she denies.