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 decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.

The cut, and the prospect of more before the end of the year, pushed MSCI's 47-country world stocks index close to a record high. Wall Street futures were up after the S&P 500 hit its own all-time peak overnight [.N], and Europe also opened strongly. [.EU]