Here's how the Fed sets interest rates and why it matters

The Federal Reserve on Wednesday is set to lower its benchmark interest rate for the first time since the financial crisis.
The impact of this rate cut was felt in the housing market and in savings accounts weeks before the Fed's decision.
America's central bank adjusts the interest rates that banks charge to borrow from one another, a cost that is passed on to consumers. The Fed raises rates in a strong economy to keep excesses in check, and cuts borrowing costs when the economy needs supp