Brian Lair on WNYC.

Later today, the Federal Reserve is expected to announce its first interest rate cut since the COVID-19 pandemic began.

The move could mark a major economic milestone

after more than two years of inflation, peaking it close to 10 percent, though it's way down from

that now that's had Americans experiencing a higher cost of living. But it's unclear just how big

of a cut the central bank might make. It usually prefers to move in increments of a quarter point.

This time, a half point is also on the table.

And while it sounds like a small number, even one half of percentage point,

it can make a big impact on the U.S. economy,

everything from borrower interest rates to how many workers,

employers might hire. Here to explain the stakes and how it might affect Americans' finances,

and to help take your calls and stories about this, as well as your questions, is Nick Timmeros,

chief economics correspondent for the Wall Street Journal. Hi, Nick.

Thanks for coming on.

Welcome to WNYC.

Thanks for having me, Brian.

And listeners, we'll invite your calls right from the top here.

Any of you with businesses or looking to buy or sell a home or with savings accounts that bear interest?

Or anyone else with a story of how interest rates affect your life.

What are you rooting for today if you feel like you have a rooting interest or any question for our guest from the Wall Street Journal?

212-433, WNYC, 212-433-9692. Can I ask you to explain first what they may be thinking inside the Fed?

The difference is between a quarter point cut and a half point cut coming down from around 5%.

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