For the first time in nine months, the Federal Reserve has cut its key interest rate, a move that signals a shift toward easing monetary policy. The rate now sits in a range between 4% and 4.25%, down a quarter-point from where it had been since late last year.

But while the rate cut could eventually lower borrowing costs, financial experts caution that the impact on most people’s day-to-day finances won’t be immediate.

High inflation continues to squeeze Americans.

“It’s affecting me. Definitely, certain things have gone up in price,” Christopher Robinson, a consumer in Phoenix, said.

And stagnant wages aren’t helping.

“If you're working for lower wages, all the prices seem to be going up, but not the wages as well,” David Henzerling, of Scottsdale, Arizona, said.

The rate cut may e

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