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.

The Fed’s moves will result in lower interest rates on various consumer financial products and interest-bearing accounts. But don’t expect Wednesday’s single cut — or even another moderate cut or two this year — to necessarily drastically alter your financial life in every way.

Oil prices extended their recent recovery rally and rose more than 1% on Thursday as a large cut in U.S. interest rates and declining global stockpiles helped offset some of the demand concerns arising from weak consumption in China.