How to run local businesses in a very Trump versus Harris environment?

I'm David Brancaccio in New York with inflation being engineered down toward the

Central Bank's target of 2% but at a cost, slower hiring, the markets

are fully expecting an interest rate cut in mid-September.

By the end of this year, the key interest rate manipulated by the Fed could be three quarters of one

percentage point lower as interest rates affect nearly everything what would that

new reality mean for consumers here's marketplace's Mitchell Hartman who got some

expert opinion.

As the Fed has signaled the direction of interest rates to the market, investors have responded,

says economist Luke Tilly at Wilmington Trust.

We've already started to see a lot of interest rates move down because it's become very clear

that the Fed is going to be embarking on a rate cut cycle.

The average 30-year mortgage rate has now fallen below 6.5% for the first time since spring

2023. And when the Fed starts cutting the rate it sets directly for

overnight loans between banks.

We will see credit card rates moving down in lockstep.

But Mark Hamrick at bank rate points out,

with credit card interest averaging above 20% and consumer debt at record highs?

I don't think this is going to be people dancing in the streets because of lower

borrowing costs. It's merely going to be somewhat of a

reprieve from the pain. Savers meanwhile will be outright losers

earning less as banks follow the Fed's lead and cut the interest paid on

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