Does the fed rate cut affect my savings account?

The federal reserve just cut its interest rate. I was planning on opening a cd in about 2 weeks time. Will this affect the rates on that cd?
Does the fed rate cut affect my savings account?
CD rates have lowered and leveled off, but the fed rate cut shouldn't affect your savings account or CD's.
Reply:The lowering of the discount rate is most likely a prelude to an eventual prime rate cut-- which will affect borrowing and lending costs, hence CD rates. Fed comments and market behaviour seem to indicate a bias toward lower rates and concerns of a recession. I'd go get that CD now. You can lock in a pretty good rate (5.41% APR) for 8 months-- and that ain't too shabby no matter what the Fed does!
Reply:it will have a rippling affect in about two weeks whne the savings also goes down
Reply:They cut the discount rate, not the prime interest rate, but no this will not effect CD rates in any significant way if at all.