The Federal Reserve on Wednesday delivered its first rate cut since December, a move that will ripple through everything from home loans to credit cards, although not all Americans will notice the change in the same way.

The Fed cut reduces its federal funds rate — what banks charge each other for short-term loans — by one-quarter point, shaving its target range to between 4% and 4.25%, down from its prior range of 4.25% to 4.5%.

Though incremental, the policy turn is significant. Fed officials foresee two additional cuts in 2025 and one more in 2026, a trajectory that could lower rates by a full percentage point and lighten the load for millions of borrowers. For now, the quarter-point reduction will trickle through unevenly: some borrowers will see relief almost immediately, while

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