The Federal Reserve cut its influential interest rate for the second meeting in a row last week to boost the economy and prevent a rise in unemployment, but it may take a while for consumers to see its effects.

Fed watchers see a greater chance the central bank may skip a rate cut at its last meeting of the year in December.

Federal Reserve Chair Jerome Powell said Thursday that interest rates are still expected to decline further, but suggested they might not be that much lower over the next few months.