Interest rates cut, financial expert weighs in on what it could mean for your wallet

Mark Henry, with Alloy Wealth Management, weighs in on what the federal rate cut means for you. The Federal Reserve cut its key interest rate by a quarter-point on Sept. 17 and projected it would do so twice more this year as concern grows at the central bank about the health of the nation's labor market. The move is the Fed’s first cut since December and lowered its short-term rate to about 4.1%, down from 4.3%. Fed officials, led by Chair Jerome Powell, had kept their rate unchanged this year as they evaluated the impact of tariffs, tighter immigration enforcement, and other Trump administration policies on inflation and the economy.