The Fed made its second interest rate cut of the year, and borrowers could soon start feeling relief.
The Federal Open Market Committee opted for a quarter-point cut in its announcement on Wednesday. The call aligns with expectations: CME FedWatch projected a near-total chance of a reduction in the hours before the meeting. The Fed’s economic projections released last month also penciled in two more normal-sized rate cuts for the year.
Financial analysts told Business Insider that, after restrictive policy for much of the year, a pattern of interest rate cuts could start making it easier for Americans to finance homes, cars, and credit cards.
How the Fed’s October Rate Cut Impacts Your Wallet
