The Federal Reserve is expected to keep its key interest rate steady on Wednesday, but American households will be listening for clues about whether rate cuts are on the horizon, which could have meaningful implications for their monthly budgets and influence big purchase decisions.

The central bank has raised its benchmark rate to a range of 5.25 to 5.50 percent, the highest level in more than two decades, in a series of increases over the past two years. The goal was to rein in inflation, which has cooled considerably from a high of 9.1 percent in 2022.

Fed officials have kept rates unchanged since July as they continue to monitor the economy. And with inflation still somewhat stubborn — price increases have danced around 3.2 percent for five months now — policymakers are unlikely to pivot to rate cuts too quickly.

Still, several banks have already begun to anticipate possible cuts by reducing the rates they pay to consumers, including on some certificates of deposit.

Here’s how different rates are affected by the Fed’s decisions — and where they stand.

Credit Cards

Credit card rates are closely linked to the central bank’s actions, which means that consumers with revolving debt have seen those rates quickly rise over the past couple of years. Increases usually occur within one or two billing cycles, but don’t expect them to fall quite as rapidly.

“The urgency to pay down high-cost credit card or other debt is not diminished,” said Greg McBride, chief financial analyst at Bankrate.com. “Interest rates took the elevator going up, but they’re going to take the stairs coming down.”