The Fed is expected to cut interest rates at its meeting today

We're expecting the Fed to cut interest rates by a quarter point today, making it just slightly cheaper to buy a home or car, or pay off a credit card. But every little bit helps.

Rice economics Professor John Diamond says it's good news if you're looking for a loan.

"When banks have more money to lend, they lower interest rates, which means consumers and businesses will be able to get loans cheaper."

But's Mark Hamrick says it's not a fix for the U.S. economy.

"It doesn't really address the ills that are facing the U.S. economy, which are primarily functions of tariffs and trade disputes as well as the slowing global economy.

Some say a quarter point won't do much for consumers but Professor Diamond says every little bit helps.

"I mean you're looking at a pretty small effect, overall; if you get a $200,000 mortgage and your rate falls by a quarter point, it's not a lot of money but it's a little bit."

The July rate cut only saved a dollar for those who are making minimum payments on their credit cards. President Trump has been critical of the Fed for raising interest rates and then not cutting them enough. He says he made a mistake when he chose Jerome Powell to be chairman.

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