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The U.S. Federal Reserve is expected to cut interest rates Wednesday, which will directly affect people's mortgages, car payments and the economy in general.
"One thing to watch [Wednesday] is, yes, they are going to cut interest rates by a quarter of a percentage point, but unless you are a zillionaire that's not going to make a big difference," Wessel said. "The feds calculation here is that they want to help the borrowers a little more so borrowers will spend," he added."So the economy will keep growing."
"The other camp says, 'You guys are crazy, the economy is doing fine, and interests rates are low by historical standards,'" Wessel said."So this is not the time to give the economy more gas, this is the time to sit and wait and see what happens." "If you're not in the stock market and you're not in the bond market, you might not care about this stuff, but what happens in the bond market effects mortgage rates and what happens in the stock market effects how business heads feel and that can make them less likely to hire, less likely to invest," Wessel said.
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