Markets are bracing for a crucial US interest rate decision today, with many investors expecting a large cut to rates

If the Fed cuts interest rates today, borrowers will likely see interest rates ease off their peaks on things like credit cards and auto loans.

The Federal Reserve is set to lower U.S. short-term borrowing costs, marking a shift after over two years of high inflation. The central bank aims to reduce its key rate and continue lowering it through 2025.