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,

A Federal Reserve interest rate cut in September, the first this year, followed perhaps by another before year-end remains the base forecast for most economists polled by Reuters amid rising concerns about the health of the world's biggest economy.

The CME Group’s FedWatch Tool places the chance of a .25 rate cut in September at 86.4%. If this week’s July CPI report comes above the June pace of 2.72% year over year, the cost of essentials like groceries, gas, and rent will remain stubbornly high.