The Fed cut rates five weeks ago, but banks are still paying high interest rates on high-yield savings accounts and combo checking/savings offers.

Minneapolis Federal Reserve Bank President Neel Kashkari on Monday again said he expects "modest" interest rate cuts over the next several quarters, though a sharp deterioration of labor markets could move him to advocate for faster cuts.

Mortgage rates are increasing in recent weeks despite the Federal Reserve's decision to cut interest rates last month for the first time in four years.

Minneapolis Fed President forecasts more modest cuts over the next several quarters, he said on Monday at the Chippewa Falls Area Chamber of Commerce. Recall that the Federal Open Market Committee initiated its easing cycle in September,

Kansas City Federal Reserve Bank President Jeffrey Schmid said on Monday he supports a "cautious and deliberate" approach to interest rate cuts now that inflation is heading back to the Fed's 2% target and the labor market is normalizing.