NORTH DAKOTA (KXNET) — The Federal Reserve is expected to cut interest rates again this year on Thursday. This comes just two months after its surprise jumbo cut in September. They're supposed to cut borrowing costs by 25 "basis points," or .25%, which is half of the September cut. This brings the federal funds rate (the interest rate banks charge) down to a range of 4.5-4.75% instead of 4.75-5%. The Feds' preferred inflation measure dropped to 2.1% last month, which is just shy of the 2% goal, the central bank is easing off the brakes when inflation hit a 40-year high during the pandemic. Plus, the high borrowing costs have made it even more expensive to buy homes, cars, and everything in between. UTTC dedicates Fort Lincoln sign in veteran’s program If the Fed cuts rates, the move will give some added relief to consumers, even if the initial benefit is small. But, the Fed is expected to continue cutting rates at several upcoming meetings. "Once a few more cuts happen over the next few months, the impact will add up to something that moves the needle for the average person struggling with debt," said a LendingTree chief credit analyst, Matt Schulz. "For now, however, the effect of these cuts won't be very noticeable." Here's what you should know about Thursday's meeting: The Fed is expected to shave the benchmark rate by .25%, and will plan to cut rates by .25% at each meeting until June 2025. The decision will be announced at 2 p.m. ET, and the next decision will be on December 18. This is the first meeting since the presidential election, and Federal Reserve Chair Jerome Powell is likely to be asked about Trump's policies, which could make the Fed's job more difficult, but they will continue to try to cut rates. The rate is expected to range between 4.25% to 4.5%, which is a full percentage cut from its pre-September level. While the rates impact mortgage rates, home borrowing is affected by economic trends. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Today's Top Stories SIGN UP NOW