The cut of a quarter-point will likely make it cheaper for average Americans to secure mortgages, pay credit card debt or finance cars.

See how low your current mortgage rate offers are here.

National Economic Council director Kevin Hassett says he would rely on his own judgment and not bow to political pressure to decide whether to cut interest rates if he becomes the next chairman of the Federal Reserve.

The Federal Reserve cut interest rates amid a data blackout caused by the record-breaking government shutdown.