The U.S. banking system’s $3.3 trillion cash raises concerns over inflation. Read why policies may lead to new inflationary pressures despite Fed efforts.

It’s a huge frustration for all the folks that were excited to jump in and buy homes, once the Feds started cutting interest rates,” said Lara Rhame, chief economist at FS Investments.

Federal Reserve officials discussed potentially slowing down or pausing interest-rate cuts if progress on lowering inflation stalled out when they met earlier this month. Officials thought that if the economy performed in line with their expectations that inflation would continue to decline steadily,

Several policymakers said they were less worried about an economic slowdown than they had been in September, when the Fed kicked off its rate-cutting cycle.