Borrowing over the past couple of years has been a painful prospect for Americans, as high interest rates meant to curb inflation kept consumer payments steep. Now, after the Federal Reserve made its unusually large half-point cut on Wednesday, leading to a key interest rate of between 4.75% and 5%, how will it affect citizens' wallets? "This will improve the material well-being of all Americans," says Joe Brusuelas, chief economist at RSM US, per the Washington Post. Michael Madowitz, principal economist at the Roosevelt Institute, calls the rate slash "great news for the middle class."
- 'Five key areas': The New York Times breaks things down on how the rate cut will affect auto rates, credit cards, mortgages, savings accounts/CDs, and student loans. NPR gets more granular here on the housing market specifically.