The economy has always had its share of twists and turns, but lately, it feels like everyone’s too worn out to keep track of what the Federal Reserve is up to.

Interest rates rise, inflation sticks around, and headlines keep shifting from optimism to anxiety. Most people have bills to pay, groceries to buy, and little patience left for the fine print of monetary policy.

Yet, beneath the noise, a small change on paper could make a surprising difference where it counts—in your wallet.


The Federal Reserve is widely expected to lower interest rates again on October 29, marking its second rate cut in as many months.

But according to a WalletHub survey, nearly two-thirds of Americans couldn’t care less, even though the move could collectively save consumers billions.

The survey found that 65% of respondents felt indifferent or unhappy about the cut, and 59% said another 0.25% drop wouldn’t affect their lives at all.

This comes despite estimates that a lower rate could save credit card users around $1.92 billion in interest over the next year alone.


WalletHub editor John Kiernan said, “A second Fed rate cut in as many months will save consumers billions of dollars in the next year alone.”

However, he noted that Americans “still have trillions of dollars in debt, and the interest is still very expensive.”

He added that lenders are becoming more selective amid an uncertain economy, meaning even with lower rates, not everyone will benefit equally.

Essentially, while the potential savings sound promising, they don’t always trickle down to where most people need them.


Also read: What to know about Social Security’s unusual payment schedule in 2025

Currently, the Fed’s short-term rate stands between 4.00% and 4.25% after a quarter-point cut in September—the first reduction since December 2024.

Analysts using CME’s FedWatch tool predict a 99% chance of another quarter-point drop this month, lowering the target range to 3.75% to 4.00%, with another likely cut in December.

These moves are designed to support a cooling job market and ease financial pressures, but for many Americans, they feel like distant actions with little visible impact.

The irony, some experts warn, is that cutting too aggressively could actually stoke inflation again by making borrowing too cheap.



That concern may explain why so many people shrug off the Fed’s moves altogether. Ninety-three percent of survey respondents still consider inflation a pressing problem, with 40% believing the central bank hasn’t handled it well.

Even as rates inch down, most Americans remain more worried about rising prices at the grocery store and gas pump than about what the Fed might do next.

Kiernan put it simply: “A lot of people are too preoccupied with inflation to care about a quarter point rate cut.”

Inflation remains stubborn, with the August rate at 2.9%, slightly higher than July’s 2.7%, and the core rate—which excludes food and energy—sitting at 3.1%.


Also read: Don’t miss your chance to get up to $3,200 in energy savings before December 31

Economists at Wells Fargo expect September’s data to show inflation ticking up again to 3.1%, despite ongoing efforts to control it.

Meanwhile, the government shutdown has delayed much of the Bureau of Labor Statistics’ work, but an exception was made to release September’s inflation report so Social Security adjustments could be calculated.

It’s another reminder that while numbers may shift, Americans still feel the effects of inflation long before they notice a lower interest rate on paper.

Read next:

• Could your SNAP benefits be delayed this fall? Here’s what’s happening
• As shutdown continues, key deadlines approach for healthcare and travel

Many people tune out when they hear about the Fed, but maybe that’s part of the problem. Would you notice a rate cut if it meant paying a little less on your credit card or car loan? Or are rising prices still the only thing that truly catches your attention these days? Share your thoughts below—does the Fed’s next move matter to you at all?