Bank of America indicated in a note that Powell would be in “no hurry” to cut rates in June, though disagreements among Fed staff “may start a trend of more frequent dissents” and a “more divided Fed may raise risks of a less consensus and more contentious institution.”

The average rate on 30-year fixed home loans registered 6.72% for the week ending July 31, down slightly from 6.74% last week.

Wall Street gained on Wednesday, boosted by a string of largely upbeat corporate earnings, while rising expectations of a Federal Reserve interest rate cut provided additional support.