articleThe Brief The Fed cut its key interest rate for the first time this year, with ripple effects expected throughout the economy. Now that the Fed has cut its key interest rate for the first time this year, ripple effects are expected throughout the U.S. economy. Here's a look at what that means for residents in Texas, where job growth, construction, and financial security have seen recent turmoil. How will Fed cut affect Texans? "After today, the cost to borrow will likely become cheaper," Texans Credit Union CFO Ben Hart said after the Fed's announcement.