The Fed has cut rates for the third time this year, so what now? How the move affects your finances.
The Federal Reserve cut its short-term benchmark rate by a quarter-percentage point for the third time this year on Wednesday, lowering the federal-funds rate to a range between 1.5% and 1.75%.
Trade uncertainty and fear of slowing global growth likely prompted today’s decision—but what does it mean for Americans’ everyday lives? Interest rates affect the cost of borrowing, so falling interest rates can ripple through the cost of mortgages, the interest earned on savings accounts and more. Below, a few things to watch for:
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