What does the Fed's interest rate cut mean for you?

Breakdown

• The Federal Reserve cut interest rates by a quarter percentage point for the second time this year.
• The decision was made due to concerns about weakness in the labor market, even as inflation remains elevated. 22s
• The rate cut will make borrowing slightly cheaper for consumers, affecting credit cards, auto loans, and adjustable-rate mortgages. 46s
• Despite the rate cut, many consumers still feel financial pressure as wage growth has not matched rising prices over the past five years. 59s
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