The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.

After years of rate hikes in its effort to tame rising inflation, the central bank has elected to do something it hasn’t done since 2020: make a cut. While on one hand the Feds

The Fed meets eight times a year to assess the health of the US economy and vote on the federal funds rate, the rate banks use to lend and borrow money. While the Fed’s decision to change rates doesn’t directly affect savings rates, changes in APYs typically follow. The changes can take several weeks or even months to take effect.