The Fed will announce its interest rate decision on Wednesday. Nearly all expect them to cut rates because of weakening signs in the economy.

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In time, lower benchmark interest rates from the Federal Reserve should filter through to credit cards, mortgages, savings and other financial products. But every rate-cutting cycle is different, and the economy’s response can be both long and variable.

The Federal Reserve is moving onto its next mission after the first rate cut since ratcheting them up to tame the rate of price increases.

On Wednesday, the Fed broke with precedent and cut its policy interest rate by 0.5 percentage point instead of the usual 0.25. The decision, which surprised many, is good for the economy and begins the last phase of the Fed’s policy response to the Covid pandemic.