The Federal Reserve cut its benchmark interest rate by a quarter point Wednesday for the third time since September, bringing its key rate to about 3.6%, the lowest in nearly three years.

As the calendar changes to 2025, you might be thinking about how to approach your relationship with money in the new year.

The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses.

The average taxpayer is getting a $2,852 refund, $75 more than last year.