Getty ImagesThe US central bank is poised to lower interest rates for the first time in four years on Wednesday, a milestone moment for the world’s largest economy.
The much anticipated move will influence mortgages, credit card and saving rates for millions of people in the US – and even around the world.
We won’t know exactly how big a cut the Federal Reserve will make, or how much lower rates might fall, until the announcement.
So what does this mean for you?
What does a cut mean for mortgages, car loans, and other debt?
The Federal Reserve’s key lending rate – what it charges banks to borrow – sets a base for what companies charge people in the US for loans, like mortgages, or other debt, like unpaid credit card balances.
That rate has hovered around 5.3% for more than a year, the highest level since 2001, since jumping from near zero at the start of 2022.
A cut will bring some welcome relief to borrowers, though it will likely…
