(WXYZ) — The Federal Reserve is expected to announce it's second interest rate cut of the year today.

Watch Alicia's report in the video player below 'It's not goint to happen right away': Local financial expert explains potential recent interest rate cut

Federal chairman Jerome Powell signaled in late August that rate cuts were likely this year. And then last month, the Fed lowered the Key Interest Rate by a quarter-point to help stimulate growth amid a weakening job market.

I talked with financial expert Rick Boom, who expects a quarter-percent cut announced today. I asked him how this could impact Americans, and specificially, how quickly it will that translate into lower mortgage and auto loan rates for consumers.

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“ Unfortunately, when they raise rates, it happens almost i

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