The Federal Reserve's September meeting brought about a 50-basis-point cut to the federal funds rate, the first time the rate has been lowered since 2020. This provides immediate relief to customers looking to take out a mortgage to buy a home and businesses interested in securing a loan to fund their operations,

Wall Street is currently riding on high expectations that the Fed will implement further cuts in the benchmark lending rate this year. In its September FOMC meeting, the central bank aggressively cut the interest rate by 50 basis-points.