The Federal Reserve Cut Interest Rates For the First Time This Year. Here’s What It Means For Credit Cards and Mortgage Rates.

The Federal Reserve, which last cut interest rates in December 2024, lowered interest rates .25% on Wednesday.

Officials implied that there would be two more cuts to follow later this year. The committee meets in two months, on October 28 and 29. “In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook,” the committee wrote in a press release.

Related: The Labor Market Has Changed From the ‘Great Resignation’ to the ‘Great Stay’ Because ‘Workers Aren’t Going Anywhere’

EY-Parthenon Chief Economist Gregory Daco told Entrepreneur in a statement that,

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