The Fed’s moves will result in lower interest rates on various consumer financial products and interest-bearing accounts. But don’t expect Wednesday’s single cut — or even another moderate cut or two this year — to necessarily drastically alter your financial life in every way.

The Federal Reserve delivered its first interest rate cut since 2020 Wednesday. Here’s how it could help or hurt your wallet.

What Do Fed Rate Cuts Do? The Fed only officially controls the federal funds rate, which determines the interest charged in overnight cash reserve transactions between banks. But