The Federal Reserve on Wednesday cut its benchmark interest rate by 0.25 percentage points. It's the third consecutive rate cut for the Fed as inflation continues to rise. CBS News MoneyWatch correspondent Kelly O'Grady explains what it means for you. Each weekday morning, "CBS Mornings" co-hosts Gayle King, Tony Dokoupil and Nate Burleson bring you the latest breaking news, smart conversation and in-depth feature reporting. "CBS Mornings" airs weekdays at 7 a.m. on CBS and stream it at 8 a.m. ET on the CBS News app. Subscribe to "CBS Mornings" on YouTube: https://youtube.com/CBSMornings Watch CBS News 24/7: https://cbsnews.com/live/ Download the CBS News app: https://cbsnews.com/mobile/ Follow "CBS Mornings" on Instagram: https://instagram.com/cbsmornings/ Like "CBS Mornings" on Facebook: https://facebook.com/CBSMornings Follow "CBS Mornings" on X: https://twitter.com/CBSMornings Subscribe to our newsletter: https://cbsnews.com/newsletters/ Try Paramount+ free: https://paramountplus.com/?ftag=PPM-05-10aeh8h For video licensing inquiries, contact: licensing@veritone.com