OHIO — As interest rates hold steady and economic growth slows, experts believe it could spell good news on a number of fronts. 

What You Need To Know

  • If the Federal Reserve cuts rates in 2024, it would be a welcomed sigh of relief for seniors on fixed incomes who struggle to make ends meet

  • Financial experts warn against wracking up large debt on high interest credit cards

  • For those with small businesses, relief may be in sight for those needing loans

Brandon Zureick, managing director at Johnson Investment Counsel, said when it comes to how all of this will impact consumers in 2024.

“One signal that the Federal Reserve is sending by hinting at possible rate cuts is that they're pretty convinced that inflation is cooling down and I think for seniors, that's a good thing.” Zureick said.

Zureick believes that could be true for seniors on a fixed income, who struggle to a greater degree when inflation is high. 

In general he noted, any of those cuts could take some of the pressure off of the economy. That in turn, could be good news for those in the market for a home.

“Because mortgage rates tend to be fairly sensitive to changes in the Fed policy,” Zureick said.

However, for those with debt on things like credit cards, they may not see the impact for a while. Yet, on the business lending side of things, he noted small business owners could see some immediate relief if interest rates reverse course in 2024. This, as business owners face floating interest rates.