The Federal Reserve hasn’t announced rate cuts yet, but they’re coming (eventually). That means we can expect commensurate drops in interest rates for auto loans, personal loans, credit cards, mortgages, and other forms of credit. Savings rates will also drop, so the currently high APYs on high-yield savings accounts, money market accounts, and CDs will eventually come down. Falling rates will make money less expensive, likely helping the stock market and the economy overall – but it may also lead to higher inflation if the rate cuts come too soon.
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