Overview
  • The Federal Reserve lowered interest rates by 25 basis points on Wednesday.
  • The central bank’s move will have a ripple effect on many of the borrowing and savings rates consumers see every day.
  • From credit cards and mortgage rates to auto loans and savings accounts, here’s a look at all of the ways a Fed rate cut could affect your finances.

The Federal Reserve cut borrowing costs for the second time in a row on Wednesday.

Lowering the federal funds rate by a quarter point puts that benchmark in a range between 3.75%-4.00%. The decision comes amid intense pressure from President Donald Trump, who has repeatedly called on Fed Chair Jerome Powell to drastically lower rates, arguing that would make it easier for businesses and consumers to borrow and boost the economy.

Source: https://www.cnbc.com/2025/10/29/fed-rate-cut-credit-cards-mortgages-savings.html