CINCINNATI —

On Wednesday, the Federal Reserve cut interest rates for the first time in nine months.

The quarter percentage point cut aims to keep inflation in check and combat a challenging job market. Advertisement

As consumers look for relief from high interest rates, business owner Shimika Haynes said every little bit helps.

"A cut is a cut," she said. It helps me and take funds to put somewhere where I can save enough to open another business."

Stephen Kates, a financial analyst with Bankrate, said the impacts may vary.

He said savers may be feeling the pinch as they earn less on their money in investment accounts,

"Savings accounts, CDs (certificate of deposit), you're going to see those come down first. So that might negatively impact savers," Kates said. "On the borrowing s

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