Michele Raneri, vice president of U.S. research and consulting at TransUnion, said that today's rate cut indicates that the Federal Reserve continues to see positive signs on inflation and the broader economy after the last rate cut. Further rate cuts are expected going into 2025, which will continue to stimulate consumer activity in credit markets, especially given that credit products have been sluggish in recent quarters. For example, continued rate cuts could start to depress persistently high mortgage rates, help incentivize more potential home buyers who are hesitant by relatively high mortgage rates, and could also begin to stimulate the refinancing market, especially for borrowers who have recently taken out mortgages at higher rates. Similar moves are likely to be seen in the auto refinancing market in the coming months.