Fed cuts would immediately make borrowing cheaper on credit cards and auto loans, since those products are based on the short-term interest rates the central bank heavily influences. Mortgages are a different story,

Yields on the debt are the biggest determinant of how much it costs to buy a home, fund a business, or pay the interest on the national debt.

Futures markets are also expecting a rate cut. Investors peg the chances of a quarter-point interest rate cut at nearly 96%, according to the CME FedWatch Tool, a measure of market sentiment.