The Federal Reserve is cutting interest rates for the first time since the Great Recession in 2008. The changes are aimed at avoiding a possible economic downturn.
For example, it could mean more job opportunities for those who show up here at NC State for the WRAL Career Expo on Thursday. It also means businesses could find more ways to expand their walls. One of those local businesses is The Art of Style boutique in Raleigh.
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In the heart of downtown Raleigh, you will find the art of style. Inside the boutique you can see where style is king.
"We are stylist in here. You are going to walk in with a one of a kind outfit feeling like the most amazing beautiful you," said Alexis Roston, who works at The Art of Style.
One day, they would like to expand. It may happen sooner. The feds cutting interest rates means it could pave the way for bossiness like the art of style to expand. For businesses, they will have easier access to capital to borrow, to expand and invest and hire more people.
"That means if you are borrowing money, this is good, especially if you are buying something where the interest rates where it is variable," said Michael Walden, an economist at NC State. "If you are buying house, the fixed rates will go down also."
So that means one day we could see The Art of Style in multiple locations.
"As a small biz, it is critical that we have access to finances that will help us expand and grow in the future," Roston said.
Walden said the cut in interest rates is not great for savers, though. He said the cuts mean you will get less money for your CDs or short term bonds investments.