Federated Hermes’s Steve Chiavarone crystalized the market’s view of where the Federal Reserve is heading on interest rates in one sentence.

Yes, the Federal Reserve could cut interest rates later this year. Or, maybe it won't. In any case, a Fed reduction offers no guarantee that mortgage rates will go down.

President Donald Trump reignited his campaign to get Federal Reserve Chair Jerome Powell to lower interest rates, holding up the European Central Bank as an example of how it should be done. Well, the ECB is widely expected to lower rates again Thursday for an eighth consecutive meeting,