What another Fed cut could mean for borrowers — some rates may barely budge | The Fed Should Pa…

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What another Fed cut could mean for borrowers — some rates may barely budge

The Federal Reserve is expected to lower borrowing costs again on Wednesday.

Another quarter-point reduction, on the heels of September's cut, would bring the federal funds rate to a range between 3.75%-4.00%.

The federal funds rate, which is set by the Federal Open Market Committee, is the interest rate at which banks borrow and lend to one another overnight. Although that's not the rate consumers pay, the Fed's moves do have a trickle-down effect on many types of consumer loans.

The FOMC has also set expectations for another reduction in December, but after that, the path is unclear. President Donald Trump — who has said a pick to replace current Federal Reserve Chair Jerome Powell could come by the end of the year — has repeatedly weighed in on Fed policy, arguing that rates should be sharply lower.

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