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.

As noted above, the REIT has a record amount of liquidity (a cool $3.2 billion) including a zero balance on its revolving credit facility. With lower interest rates, that facility is now going to be a cheaper source of instant capital. And when W.P. Carey permanently pays for the deals it makes by selling bonds, those will be cheaper, too.

Whether the Fed can achieve what economists call a soft landing will be one of the most important ways its actions will affect regular Americans.