The Federal Reserve’s decision Wednesday to lower its key interest rate by half a percentage point brought some clarity to the country’s top financial decision-makers, sending stocks surging to all-time highs and finally quieting the “will they,

The federal funds rate is a benchmark that influences other interest rates throughout the economy. The Federal Reserve doesn't control the federal funds rate directly. Instead, it uses various monetary policy tools to steer the benchmark toward a target range, which is currently 4.75% to 5%.

If the Fed cuts interest rates today, borrowers will likely see interest rates ease off their peaks on things like credit cards and auto loans.