After an all-out fight against inflation over the past two years, the Federal Reserve recently voted to lower interest rates by a half percentage point. The Sept. 18 move by the central bank was bolder than many investors expected.

The Fed cut its short term interest rate by 0.50%. How will this affect mortgage rates, auto loans, and credit cards? Does the cut indicate a problem with the economy?

On Wednesday, the Federal Reserve cut interest rates by 50 basis points, and today, mortgage rates followed suit.