New Delhi, Sept. 18 -- The US central bank's Federal Open Market Committee (FOMC) on Wednesday, 17 September, announced that it has decided to cut the benchmark interest rate to the 4-4.25% range amid moderate growth in the US economy.

This move by the US Federal Reserve will provide some respite from the high borrowing costs in the US economy that have loomed over consumers. The benchmark interest rate is the rate at which commercial banks borrow and lend to one another on an overnight basis.

Even though this is not the rate that consumers end up paying, the Fed's decision impacts the borrowing and savings rates in the US banking system.

A CNBC report showed how the Federal Reserve rate cuts could affect the people in the United State...