Jerome Powell, the Federal Reserve Chair, is betting on a drop in U.S. inflation as the third quarter comes to a close, offering him the reassurance needed to move forward with planned rate cuts. Data points to the consumer price index (CPI) rising by just 0.

Federal Reserve Chair Jerome Powell on Monday said the U.S. economy is in "solid shape" and that more interest rate cuts can continue if the economy continues to evolve as expected.

While rate cuts by the Fed typically lower borrowing costs, experts say increased affordability in mortgages could lead to a higher demand for homes that would drive up home prices.