The Federal Reserve System is not “owned” by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation’s central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to Congress.

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.

The central bank’s target rates and its much-publicized recent rate cuts don’t directly set long-term mortgage and business loan rates. It’s not unheard

Interest rate cuts are underway at the Federal Reserve, but consumers have yet to get much relief. The rates individuals pay on loans from banks and credit card companies have barely budged, while would-be homebuyers hoping for relief from lower mortgage rates have instead seen those rates rise.