After a lengthy pause, the Federal Reserve on Sept. 17 announced a quarter percentage point cut to its benchmark interest rate. Economists say it is likely the first in a series of reductions that should make borrowing more accessible for consumers.

After a year of sitting on the sidelines, the Federal Reserve finally cut short-term interest rates by a quarter-point.

“Markets may welcome the easing bias, but the messaging remains nuanced and far from a full pivot,” said Siluk, head of global short duration and liquidity and portfolio manager at Janus Henderson In...