The Federal Reserve is widely expected to cut the federal funds rate by 25 to 50 basis points during its upcoming meeting, providing much-anticipated relief for borrowers.
Chairman Jerome Powell's announcement reflects a shift in policies, stating 'The time has come for policy to adjust,' emphasizing that the rate cut will depend on incoming data and the evolving outlook.
Lower interest rates will decrease borrowing costs, making it an opportune time for loans, while simultaneously reducing savings returns over the short term as deposits yield less.
With savings rates likely dropping from over 5% to around 4%, consumers might reconsider their strategies for saving and investing given the changing landscape.
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