In a bold move to boost the economy, the Federal Reserve has announced plans for a series of interest rate cuts over the next six months. Earlier this week, Fed Governor Christopher Waller backed the decision, citing the need for aggressive measures to spur economic growth.

While Waller's support for rate cuts may be good news for stocks, some experts are cautioning that the economy may not actually need the stimulus. Despite a slight increase in the U.S. inflation gauge, it may not be enough to deter the Fed from lowering interest rates.

With all eyes on the upcoming jobs report, analysts are speculating about the impact on the Fed's decision-making process. A weak report could prompt further cuts, while a strong one may temper the rate reductions.

In the meantime, many are wondering how the Fed's actions will affect mortgage rates. Some predict that rates could fall even before the anticipated rate cuts in September 2025.

As the Fed prepares to cut rates, financial advisors are urging individuals to boost their cash reserves, even if it means earning less on their money. With uncertainty looming, it's better to be prepared for any economic changes on the horizon.