For the first time in 2025, the Fed has cut rates. That means two things for consumers: Borrowing will get cheaper, but savings returns won’t be as high. It will take time for either effect to take hold.

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On Wednesday, the Federal Open Market Committee (FOMC) cut the federal funds rate by 25 basis points, as expected, bringing the federal funds rate range to 4.00%-4.25%. The Fed last cut rates at i

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