Federal Reserve is set to cut rates again

More relief may be on the way for your wallet.

The Federal Reserve is set to cut the federal fund rates, also known as interest rates, for a second time in three months by a quarter of a percentage point.

This is a big deal because let's remember that for most of this year, we were at 5.3 percent. That was the highest since the great recession of 2008.

Then in September, the Feds cut the rate by half a percentage point.

The next cut would bring us to about here just over 4.5%.

Action News' Christie Ileto has more.