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What Fed rate cuts will mean for 5 areas of your financial life

FILE — The Federal Reserve building in Washington, on March 21, 2023. For corporate America, an expected interest rate cut carries risks along with rewards. (Haiyun Jiang/The New York Times)
FILE — The Federal Reserve building in Washington, on March 21, 2023. For corporate America, an expected interest rate cut carries risks along with rewards. (Haiyun Jiang/The New York Times) FILE — The Federal Reserve building in Washington, on March 21, 2023. For corporate America, an expected interest rate cut carries risks along with rewards. (Haiyun Jiang/The New York Times)

By Ron Lieber and Tara Siegel Bernard / New York Times News Service 7 min read

The moment consumers have been waiting for is finally here: The Federal Reserve is poised to cut its key interest rate Wednesday, and it’s likely to signal that more cuts will follow.

The only question is how much rates will decline from their current perch of around 5.33%, with some economists saying they could drop by as much as a full percentage point before the end of the year. This number doesn’t translate directly into what you’ll pay if you’re a borrower. If only credit card companies charged so little.

Still, this move should eventually bring interest rates down for many borrowers, even as it is likely to lower the rates that financial institutions pay out to savers.

Here’s what to watch for in five key areas of your financial life, as rates fall now — and hopefully (for borrowers at least) even more in the coming months.

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