From USA TODAY.

Economic forecasters expect the Federal Reserve to cut interest rates by a quarter point Thursday afternoon at the close of a two-day meeting. Together with a half-point cut in September, the reduction would bring the benchmark federal funds rate down three quarters of a point from its 23-year high of over 5%. The Fed hiked rates dramatically in 2022 and 2023 to fight surging inflation.

The cuts could translate to gradually lower loan rates on homes, cars and other consumer goods.

If the Fed acts as expected, then Thursday’s biggest news will come from what the central bank says about future cuts. Analysts expect another quarter-point cut in December, and more next year. Those plans could change, though, if inflation surges anew or the American economy slows.