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.

Borrowing rates have already fallen in anticipation of a deeper cut in rates. The average 30-year mortgage rate dropped to 6.2% last week to the lowest level in 18 months and down from a peak of nearly 7.8%, according to the mortgage giant Freddie Mac.

With increasing fiscal stimulus, the Fed would have to become more restrictive than implied by its current long-run target for the fed funds rate to keep inflation from reaccelera