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Smarten Up About The Economy

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Traders work after the opening bell at the New York Stock Exchange (NYSE) on July 29, 2019 located at Wall Street in New York City. Wall Street stocks were mostly lower early Monday at the start of a week jammed with news, including a Federal Reserve decision and Apple results.

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"The Federal Reserve is like a bank's bank," New York Times reporter Jeanna Smialek explained. "It has all these relationships with banks around the country, and they set interest rates."

Smialek and Mark Goldwein of the Committee for a Responsible Federal Budget helped demystify what an interest rate cut would mean for you.

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