Inflation is cooling... but the federal reserve may not be in a rush to cut interest rates in upcoming months. Here's what Federal Chairman Powell said regarding the issue in Dallas:

Chair Jerome Powell said Thursday that the Federal Reserve will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed's officials want to see where it heads next.

Economists expect the Fed to announce another quarter-point rate cut in December after September and November cuts. Interest rates impact mortgage rates.