Mallika Mitra for Current

What a Fed rate cut could mean for your wallet

Eight times a year, the Federal Open Market Committee (FOMC) of the Federal Reserve meets to assess the economy and determine whether it should adjust the federal funds rate. That may not sound like something that would affect you, but it certainly does.

The Fed’s benchmark rate is used by banks when they borrow and lend money to one another overnight, and the domino effect impacts everything from how much it costs to finance a car to how much interest you’ll earn in your savings account to the stock market’s movements.

Current , a consumer fintech banking platform, explains what you should know about the central bank’s upcoming FOMC meeting, and how an interest rate cut could affect your personal finances.

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