The Fed cut its short term interest rate by 0.50%. How will this affect mortgage rates, auto loans, and credit cards? Does the cut indicate a problem with the economy?

The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.

We concluded that this was the right thing for the economy and the people we serve,” the Federal Reserve chair, Jerome Powell, said, referring to the central bank’s decision to cut interest rates by half a point.