It will take time for consumers to feel the effects of the inflation-fighting move to be announced today at 2pm ET
The Federal Reserve is expected to announce an interest rate cut for the first time in four years at 2pm on Wednesday. It’s that moment that many economists see as the end of an era and the beginning of the end of the central bank’s fight against inflation.
The Fed’s prime rate – used to set the rates on everything from mortgages to car loans – has sat at a 20-year high for the last year, making it more expensive to borrow money.