The central bank is widely expected to approve another quarter percentage point, or 25 basis point, cut to its overnight lending rate at Wednesday's meeting.

Many types of consumer loans are impacted when the Fed trims its overnight lending rate.

The easy part for the Federal Reserve this week will be announcing a rate cut when it wraps up its meeting Wednesday.

The U.S. Federal Reserve is expected to meet Wednesday to make a decision on whether to cut interest rates.

The central bank is widely expected to approve another quarter percentage point, or 25 basis point, cut to its overnight lending rate at Wednesday's meeting.