The Fed lowered interest rates. What does it mean for you?

NASHVILLE, Tenn. (WTVF) — The Federal Reserve announced the first interest rate cut since December.

Fed leaders made the decision this week in hopes of boosting low employment, which at this point, outweighs concerns about inflation.

It's a move the President has been pushing for all year, in an effort to grow the economy.

Lipscomb economics professor Dr. Julio Rivas says the cut generally means it will be easier to buy a house, get a new car or take out a loan.

"So by lowering the rates, the hope is to stimulate the job market. Since rates go low, businesses make new investments, you hire more people. Hopefully, there will be more housing, more construction, then you hire more people — and that stimulates the economy," Dr. Rivas explained.

So what does this all mean for you?

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