Despite Fed’s interest rate cut, most Americans unlikely to see major financial changes

FARGO — The Federal Reserve cut its interest rate by a quarter-point earlier this week to a new range of 4 to 4.25%, the first reduction since last December. The Fed said the move was intended to support a weakening job market.

Those with loans and mortgages may see slightly lower payments because of the cut. However, financial experts say the impact for most people will be limited.

"The reality is, a quarter of a percent isn't going to make a huge difference for most of us. In fact, for most of the people watching today. You know it might mean that their car loans will come down just a little bit. Perhaps mortgage rates will come down just a little bit," said Paul Meyers, president of Legacy Wealth Management.

In a statement on Wednesday, the Fed indicated it expects two more rate cuts