The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.

If the Fed cuts interest rates today, borrowers will likely see interest rates ease off their peaks on things like credit cards and auto loans.

Consumers and businesses alike can expect lower borrowing costs, but rates on both loans and savings accounts have already moved down in anticipation.

The U.S. dollar edged slightly lower in choppy trading on Wednesday as markets grappled with the supersized 50 basis point interest rate cut as well as the switch to an easing monetary policy stance delivered by the Federal Reserve.

Investors have sent stocks and bonds higher on expectations of a soft landing. But some Republicans think the central bank overstepped its bounds.