Most lenders are expecting the Federal Open Market Committee to push interest rates down later this month, but they are not especially excited about the prospect.

"I don't think a rate cut is going to make much of a difference," said Richard Roberts, executive vice president and treasurer for Wachovia Corp. The Federal Reserve does not even need to lower rates, he said. "The bond market's recent weakness is due to debt ceiling and budget negotiations" rather than high rates, he explained.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.