Let me give you a simple on it. What everyone really cares about is the (Discount Rate). Lowering the (discount rate) reduces the cost of money to banks, whick increases the demand for loans. If they raised the (discount rate) it would increase the cost of money and reduces the demand for loans. That is why when they cut rates the economy is stimulated. It just makes money available for cheap. Then banks loan more and consumers are more excited to buy.
To answer the whole question they cut both the Discount rate and the ferderal funds rate. (Discount Rate) is the rate banks get when they borrow from the government and (Ferderal Funds Rate) is the rate banks charge each other for overnight loans. It gets more complicated with reserve requirements and member banks, regional and what not......get the basics and the rest is pretty simple. The big fear with all of the Feds moves is inflation and currency problems. The happy of it all is that things will keep rolling for now.
It affects everyone, but mostly companies that want to get loan deals done and consumers that want those loans. EFGO and the rate they will charge desperate people will now be slightly less than an arm and a leg. You may just get to keep your pinky toe to remind you of your decision to use a payday loan.
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