It was the first rate cut this year, the Fed opted for a quarter-point cut to the central bank's benchmark rate, set between 4 and 4.25 percent.

It's a move Chris Mediate says is a step in the right direction.

"We're trying to stimulate growth, it all starts with the employer, right? So again, when the employer is able to expand, able to borrow in order to expand, that means what? That means more job creation so again this was the first step in a very restrictive policy," Mediate said.

On 21 News at 5, Mediate explained the interest rates aren't directly tied to this cut but they do get some kind of traction off of it, because interest rates are based from the cut.

"I think all of this will be very good for the borrower, be good for homeowners that wanna start refinancing," Mediate said. "I think you'll start seeing a trend so again I think anything that we're seeing right now is positive," he said.

It's unclear what impact the cut will have on the prices of everyday goods. Mediate said we need to tackle inflation first.

"It's still running hotter than the Feds targeted two percent, that's what's really gonna start helping drive prices down if we can start getting inflation down," he said.

The Fed has signaled at least two more cuts this year, however NBC reports seven of 12 officials on the Fed's rate-cutting committee indicated rates should remain the same through the rest of the year.