Many Black buyers haven't benefited from rising home equity.
Despite keeping interest rates stable for now, the central bank also remains committed to a 2% inflation target.
Americans spent broadly on furniture, travel and other splurges in the third quarter.
The Fed chief also said a further run-up in long-term Treasury yields could lessen the need for more hikes.
U.S. central bankers have raised the benchmark lending rate to 5.25% to 5.5% from near zero over 19 months.
As people buy homes and cars at higher rates, consumers will face larger payments that leave them with less.
Fed officials have been expressing the view that a surge in Treasury yields may make further hikes unnecessary.
Economists expect softening monthly increases will continue to pull the annual inflation rate down further.
There was deterioration in how consumers viewed their finances last month, the N.Y. Fed said.
The focus is turning to how long the Fed should keep rate elevated.
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