The sole holdout in the US Federal Reserve's 11-to-1 vote cementing a larger interest rate cut said Friday that the move "could be interpreted as a premature declaration of victory." "I see the risk that the Committee's larger policy action could be interpreted as a premature declaration of victory on our price stability mandate,

We concluded that this was the right thing for the economy and the people we serve,” the Federal Reserve chair, Jerome Powell, said, referring to the central bank’s decision to cut interest rates by half a point.

The Fed cut its short term interest rate by 0.50%. How will this affect mortgage rates, auto loans, and credit cards? Does the cut indicate a problem with the economy?