The next Fed rate cut could help borrowers—but only slightly. The Federal Reserve is expected to lower borrowing costs again on Wednesday, marking its second consecutive rate reduction this year. A quarter-point cut would bring the federal funds rate down to a range between 3.75% and 4.00%.

The federal funds rate, set by the Federal Open Market Committee (FOMC), determines how much banks charge one another for overnight loans. While this rate doesn’t directly set consumer loan rates, it influences many types of borrowing—from credit cards to car loans and mortgages. Another rate cut is anticipated in December, but beyond that, the outlook remains uncertain. President Donald Trump has also weighed in, calling for even sharper reductions and hinting at potential leadership changes at the Fed.

Despite the easing, economists caution that not all borrowing costs will move lower. “The Fed is not cutting every single interest rate that exists in the world,” said Mike Pugliese, senior economist at Wells Fargo. Short-term rates—like those tied to the prime rate—respond faster to Fed changes than long-term ones such as 30-year fixed-rate mortgages, which are also affected by inflation and global economic trends.

Credit card users, in particular, shouldn’t expect much relief. Nearly half of U.S. households carry credit card debt, paying an average of over 20% interest, according to Bankrate. When the Fed lowers rates, the prime rate follows, meaning variable-rate cards could see slight declines in APR. But “credit card rates aren’t going to go from awful to amazing overnight,” said Matt Schulz, chief credit analyst at LendingTree. A borrower with $7,000 in card debt at 24.19% interest would save just about $61 over the lifetime of the loan from a quarter-point cut.

Auto loans may see minor improvement as well. Rates for new car loans average around 7%, and while a Fed rate cut won’t dramatically reduce monthly payments, it could improve buyer confidence. “A modest cut won’t slash payments, but it does boost overall sentiment,” said Jessica Caldwell, head of insights at Edmunds.

Mortgage borrowers might see more nuanced effects. Fixed-rate mortgages are influenced more by Treasury yields than by the Fed directly. However, expectations of future rate cuts could gently push mortgage rates lower, encouraging hesitant buyers to reenter the housing market. Adjustable-rate mortgages (ARMs) and home equity lines of credit (HELOCs), on the other hand, are directly tied to the prime rate and will adjust more quickly in response to any policy change.

In short, while another Fed rate cut may offer symbolic relief and marginal savings, most consumers won’t feel significant financial impact right away.