The Federal Reserve cut its influential interest rate for the second meeting in a row last week to boost the economy and prevent a rise in unemployment, but it may take a while for consumers to see its effects.

Federal Reserve Chair Jerome Powell said Thursday that interest rates are still expected to decline further, but suggested they might not be that much lower over the next few months.

The Federal Reserve cut interest rates by 0.25% on November 7. More interest rate cuts are likely through the end of 2026.