The Federal Reserve has cut the federal funds rate for the second time this year, a move analysts anticipated amid sluggish job growth, higher unemployment and stubborn inflation.
On Wednesday, the Federal Open Market Committee reduced its benchmark rate by 25 basis points to a range of 3.75% to 4.00%. Early signs point to a third rate cut this year when the committee meets again in early December.
A lower-rate environment isn’t great news for savers, who’ve been enjoying higher yields on savings accounts and CDs, but it’s a blessing for Americans climbing their way out of debt.
With back-to-back quarter-percentage-point rate cuts in September and October, debt consolidation loans can be particularly helpful to consumers struggling…