The Federal Reserve announced a 25 basis point cut on Thursday, following a half-point cut in September. This move comes just after Donald Trump's recent election win, amid easing inflation that aligns closer to the Fed's 2% target. The cut could offer relief, though significant effects on household budgets may take time. Credit card rates remain elevated, while auto and mortgage rates may also gradually dip. Trump proposed a 10% cap on credit card interest rates, but it would require Congressional approval and face resistance from the banking industry.