St. Louis Federal Reserve Bank President Alberto Musalem on Friday said the U.S. central bank should cut interest rates "gradually" after what he called the "strong and clear message" of a half-point interest-rate cut last week,

Find out how the Federal Reserve’s interest rate cut could affect your retirement savings, investments, and mortgage payments.

The current 15- and 30-year fixed mortgage rates have dropped to 5.15% and 6.09%, respectively, according to a weekly Freddie Mac survey.

Key Takeaways The recent interest rate cut by the Federal Reserve has raised fresh financial questions for everyone from economists to would-be homebuyers. Add Americans nearing retirement to that list.

Fed officials are betting that a slow-and-steady series of rate declines will keep the economy humming and inflation in check.

The American economy is having a bit of a crisis in 2024. Many people are finding it hard to make ends meet, with prices of things like groceries at an all-time high.