Republican presidential candidate Donald Trump said the Federal Reserve’s decision to lower its benchmark interest rate by a half percentage point was a “political move” and that a smaller cut would have been preferable.

The Fed’s moves will result in lower interest rates on various consumer financial products and interest-bearing accounts. But don’t expect Wednesday’s single cut — or even another moderate cut or two this year — to necessarily drastically alter your financial life in every way.

The Fed's decision to cut interest rates by 50 basis points reflects its growing confidence in taming inflation and a renewed focus on supporting the job market.