They could be waiting more than a year. It may take until mid-2026 for rent inflation in the consumer price index to subside toward its pre-pandemic norm, according to research by the Cleveland Fed.

The market already anticipates fewer interest rate cuts in the future, especially after Fed Chairman Jerome Powell sounded less dovish in recent remarks.

The Federal Reserve, meanwhile, is likely planning further interest rate cuts, Doll said, noting that slowing the pace would ...