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Cutting interest rates makes it easier for people to borrow and spend money and is a way to \"give the economy a little more gas,\" David Wessel, a senior fellow in economic studies at the Brookings Institute, told ABC News in September.

A rate cut of a quarter of a percentage point, however, is not going to make a big difference to most people \"unless you're a zillionaire,\" Wessel said.

Home equity loans, car loans and mortgage rates are only slightly impacted by a rate cut, economists say.

\"PHOTO:
Sarah Silbiger/Reuters, FILE
PHOTO: Federal Reserve Chairman Jerome Powell holds a news conference following a closed two-day Federal Open Market Committee meeting in Washington, Sept. 18, 2019.
>

\"A single quarter-point rate reduction doesn't really move the needle for people with card debt, but as these decreases continue, they do start to have more of an impact,\" Matt Schulz, the chief industry analyst at the credit cards research site CompareCards.com, said in a statement Tuesday. \"For the average person with $6,000 in credit card debt, these three rate reductions together will save them just under $100 in interest. That's significant.\" 

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