The Fed’s historic rate cut and how it affects you

Stocks locked in solid weekly gains as the Dow and S&P 500 sit at record highs. 

The gains came after the Federal Reserve cut interest rates for the first time since March 2020. 

The 50 basis point cut is likely to be the start of a new easing cycle, but one policymaker threw cold water on the move.

Mortgages, credit card rates, auto loans and overall borrowing costs may become cheaper for everyday Americans.

FOX Business explains how the move may impact your bottom line …

HISTORIC RATE CUT: The Federal Reserve cut interest rates for the first time in four years, and policymakers are signaling more are on the way…continue reading here. SPOILER? One Fed official was not on board with the rate cut. Here’s why…continue reading here.

VIDEO: Did the Federal Reserve help the U.S. avert a recession?

STOCKS SOAR: All three of the major U.S. averages rose over 1% for the week after mixed action on Friday…more on the markets. Enthusiasm after the Fed’s rate cut sent the Dow Jones Industrial Average above 42,000 for the first time…continue reading here.

VIDEO: The stock market was notching new record highs before the Fed moved. Can it continue?

MORTGAGE MOMENTUM?: Mortgage rates fell again this week with the fixed rate on a 30-year loan down sharply from the 7.19% it hit a year ago…continue reading here. If the Fed keeps cutting, how much further can mortgage rates fall?… continue reading here. 

CREDIT CARD RELIEF? The average percent rate or APR on credit cards is north of a whopping 20%, and while lower interest rates will help bring that percentage down, those carrying a credit card balance may be disappointed…continue reading here.  

AUTO LOANS: If you’re in the market for a new or used car, the Fed’s rate cut may give you more purchasing power, but the key will be when you plan to buy this big-ticket item…continue reading here.  

BUY NOW, PAY LATER: Affirm co-founder and CEO Max Levchin says lower interest rates will allow him to offer his customers and borrowers more favorable deals…WATCH his full interview here. 

PERSONAL FINANCE TIPS & TRICKS

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