Positioning your savings to grow and beat inflation is still possible, even though the Fed has instituted a second quarter-point rate cut this year. miniseries/E+/Getty Images

For the second time this year, the Federal Reserve on Wednesday decided to lower its key interest rate by a quarter of a percentage point.

The move will affect various consumer savings and lending rates throughout the economy.

How? In brief, it may make it a little harder — but still possible — to find attractive, inflation-beating yields for your savings if you comparison shop. And on your debts, the Fed’s moves may save you some money but not nearly as much as your taking advantage of other options. More on all that below.

Best bets for savings

Even if the rates available today move down a bit given the

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