Expert weighs in on impact of federal rate cut

The Federal Reserve has decided to cut its prime rate by a quarter of a percentage point, a move that will impact mortgage rates, auto loans, and possibly the prices of everyday items by making borrowing cheaper. Federal Reserve Chair Jay Powell noted that this decision is a response to the continuing cooling of inflation. Dewey Steffen of Great Lakes Wealth is on set to discuss the immediate and long-term effects of this rate cut, including the potential for further reductions and the possibility of seeing mortgage rates return to the three percent level of recent years.