The Federal Reserve laid the groundwork for a September interest rate cut after Wednesday’s two-day meeting. Still, the much-anticipated reduction may offer little relief to Americans squeezed by higher borrowing costs.

Fed Chair Jerome Powell told reporters at a press conference after the central bank voted to hold rates steady at a two-decade high that a September rate cut could be “on the table” if inflation continues to cool.

“We’re getting closer to the point at which it’ll be appropriate to reduce our policy rate,” Powell said, “but we’re not quite at that point.”

Even then, rates are unlikely to come down enough to provide any real reprieve to would-be homebuyers who have seen a key tenet of the American dream slip away due to astronomically high mortgage rates.

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