When will the Fed cut interest rates? Time and live stream of the FOMC meeting

USA TODAY reported that the Federal Reserve is preparing for its first interest rate cut since the COVID-19 pandemic began in March 2020.

The Federal Open Market Committee is expected to cut its benchmark interest rate, currently at its highest level in 23 years, at its meeting on Wednesday. Although all economists agree that a rate cut will happen, forecasts vary between a cut of 0.25 or 0.5 percentage points.

An additional cut is possible later in November and December.

What impact will this cut have on US citizens?

The Federal Reserve's decision to cut interest rates will affect U.S. citizens in several ways.