On September 18th, the U.S. Federal Reserve lowered its targeted Effective Federal Funds Rate (EFFR) – the rate at which banks borrow and lend each other money- by 0.5% from 5.25-5.50% to 4.75%-5.00%. The Fed also signaled a potential additional 0.5% rate decrease at the next Federal Reserve meeting, which takes place in early November. This is the first Fed rate cut in a number of years, and declining rates will have a direct impact on consumers, with winners and losers. In this article, I wanted to highlight a few of those impacts and actions for readers to consider making.
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