Interest rates for credit cards and some other loans will head down, now that the Fed has cut short-term interest rates for the first time in 2025.

The Federal Reserve lowered interest rates Wednesday. Here’s what that means for your mortgages, car loans and credit cards.

President Donald Trump has been loudly critical of Federal Reserve Chair Jerome Powell for years now. Since January, the President has accused him of playing politics by keeping interest rates high.

The quarter point cut announced Wednesday, which puts the monetary body’s target rate in the 4.0% to 4.25% range, is the ...