It came as a surprise to almost no one that the Federal Reserve decided to cut interest rates last month. This marks the first rate cut since March of 2020, and it’s a big one. Rates now sit in the 4.75% to 5% range, which is a significant step down from the 5.25% to 5.5% range they have been in for over a year now, which was the highest rates we have seen since 2001.
Why it matters: While these rates may just seem like arbitrary percentages to some, they have significant trickle down impacts on everyday life for Americans, especially in these areas:
Housing/Mortgage Rates
Car Loan Rates
More Accessible Credit
Boost in Job Market
Drop in High-Yield Savings Accounts
Jump in Stocks
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