The Fed just cut interest rates for the sixth time. Here’s why you’re not seeing much of a difference in your loans

Many interest rates on consumer lending products and savings vehicles haven't fallen by as much as the Federal Reserve's key lending rate since September 2024. Delmaine Donson/E+/Getty Images

Thanks to its latest decision on Wednesday – its final one for 2025 – the Federal Reserve has now reduced its key overnight lending rate by 1.75 percentage points since it began its rate-cutting cycle in September 2024.

Since the Fed funds rate affects a ton of consumer lending and savings rates throughout the economy – directly or indirectly – it’s worth assessing whether the full magnitude of the Fed’s cuts (or at least the 150-basis-points drop prior to Wednesday’s decision) has filtered through to consumers over the past 15 months.

The answer in several instances – at least when you look at