If the Fed cuts interest rates today, borrowers will likely see interest rates ease off their peaks on things like credit cards and auto loans.

The Federal Reserve just cut interest rates by 50 basis points, citing cooling inflation and signs of economic slowdown. This is the first time rates have been adjusted since July 2023, which ended a long streak of raising rates to tame inflation.

BofA Global Research was the only major brokerage to raise its forecast for the Federal Reserve's anticipated interest-rate cuts for the rest of 2024, a day after the U.S. central bank delivered an outsized cut.