TUCSON, Ariz. (KVOA) - Payments for some of your bills might drop soon. The Federal Reserve announced a new interest rate cut, which could be the first in a series of reductions.

Financial experts say this latest quarter-percent cut by the Federal Reserve is part of a delicate financial balancing act aimed at keeping inflation in check while maintaining a strong economy.

The cut benefits those with variable rate loans such as mortgages, car payments, and credit cards. This is the first cut of 2025, indicating the economy isn't as robust as it once was. Concerns about rising unemployment rates are also present.

Michael Treiberg of Treiberg Wealth Management explained the impact on mortgage rates.

"Most of us are really hoping for lower interest rates. It's gonna have a big impact on mor

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