Fed rate cut: what it means for mortgages, savings, and credit cards

NEW YORK CITY, New York: Americans could soon feel both relief and frustration in their wallets after the Federal Reserve cut its benchmark interest rate on September 17 for the first time in nine months.

The central bank lowered its short-term rate by a quarter point, to about 4.1 percent from 4.3 percent, and projected two more cuts by year-end. The move reflects the Fed's struggle to balance stubborn inflatio