What will a Federal Reserve interest rate cut mean for you?

The Fed has announced an interest-rate cut for the first time in four years - what effect will it have on consumers?

The Federal Reserve announced a half-percentage point interest-rate cut on Wednesday, the first decrease in four years. It's a moment that many economists see as the end of an era, and the beginning of the end of the central bank's fight against inflation.

The Fed's prime rate - used to set the rates on everything from mortgages to car loans - has sat at a 20-year high for the last year, making it more expensive to borrow money.