As a candidate, Donald Trump promised to relieve consumers of high interest rates. As president, doing so will likely be a slow process largely outside of his control.Trump repeatedly said during the campaign that he would bring down interest rates without elaborating on how.

The Fed on Thursday cut interest rates for the second time this year, opting to lower its target rate by a quarter of a percentage point.

The Federal Reserve cut interest rates by a quarter percentage point. How much further rates fall could depend on how President-elect Trump approaches his second term.

Mortgage rates look poised to stay stubbornly high following Donald Trump’s White House win – despite the Federal Reserve’s interest rate cuts and the president-elect’s pledges to cut homebuyers a break.