The second interest rate cut of 2025 is likely to hit before Halloween once the Federal Reserve concludes its two-day policy meeting on Oct. 28 and Oct. 29. At least, that's what most analysts expect.
Many experts are calling for another quarter-point haircut. If so, we could be looking at short-term rates in a target range of 3.75% to 4%.
The last time the Federal Reserve cut the federal funds rate was on Sept. 17 when the benchmark rate was reduced by a quarter point. The Fed cut rates three times in 2024.
But what can consumers expect if they're looking to refinance a mortgage, buy a new home, take out a car loan or pay down their credit card debt?
"A 25 basis point cut in October is a fait accompli," said economist Sung Won Sohn, a professor of finance and economics at Loyola Marymount University in Los Angeles.
