Fed expected to cut interest rates: What does it mean for you?

The Federal Reserve is expected to cut interest rates for the first in 10 years on Wednesday, and the market appears to be shrugging it off.

The Federal Open Market Committee is expected to announce a rate cut of 0.25% or 25 basis points -- the first such move since the financial crisis in December 2008. Economists and market watchers will be waiting to see if the central bank signals further cuts this year.

But how will the rate cut affect the average American?

The answer, economists say, is not by very much.

"It'll be a small cut, it's anticipated, so it's already factored into longer-term interest rates like mortgage rates and auto loans," Michael Feroli, chief U.S. economist at JPMorgan, told ABC News. "The change is already reflected. There may be a small change in things like a money market fund or CD deposits."

Mortgage rates are already pretty low, Feroli said, noting that a 30-year fixed rate mortgage was at 5.17% in November 2018, and last week it was 4.08%.

Feroli also dismissed the notion that Federal Reserve Chairman Jerome Powell is caving into pressure from President Donald Trump to lower rates. Trump has been critical of Powell's moves in the past.

The question on most people's minds is how many cuts will there be this year.

"In May and June they [the Fed] got scared on potential fallout from the trade stuff, and talked themselves into a corner," Feroli said, referring to an escalation in tensions in the ongoing trad negotiations between the U.S. and China. "Now if they didn't deliver tomorrow, it would tough."