Cramer said weak industries like housing and autos are met with rising inflation in food, insurance, healthcare and rent, which require different answers.

The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses

Wednesday's move marked the Fed's third consecutive rate cut and brought its benchmark short-term rate to a range of 4.25% to 4.5%. They also predicted sturdier growth, higher inflation, and a more robust job market both this year and in 2025 – an outlook that appears to support fewer rate decreases.

The U.S. central bank cut interest rates on Wednesday, as expected, but Federal Reserve Chair Jerome Powell said more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation,

Federal Reserve officials made their third and final rate cut of 2024 today, reducing borrowing costs by a quarter of a percentage point. They also shook up financial markets by forecasting notably higher inflation and two fewer rate cuts in 2025 than they had previously expected.

Average APRs have inched down slightly, but you should focus on lowering your credit card balance as soon as you can.