JACKSON, Wyo. \u2014 The Federal Reserve yesterday announced an emergency interest-rate cut of 1 percentage point, bringing the Fed\u2019s target rate nearly to zero for the first time since its 2008-15 stay at that level following the financial crisis.\r\n\r\nWhat could this mean for you, your family, your business? WalletHub has analyzed some key statistics that help illustrate the significance of this rate cut and how it may impact consumers in the face of the coronavirus pandemic.\r\n\r\nHere\u2019s how WalletHub projects yesterday\u2019s rate cut will affect consumer financial products:\r\n\r\n \tCredit Cards:\u00a0APRs on new\u00a0credit card offers\u00a0will decrease by an average of 16 basis points.\r\n \tAuto Loans:\u00a0APRs will decrease by an average of 16 basis points.\r\n \tMortgages:\u00a0APRs will decrease by an average of 52 basis points.\r\n \tDeposit Accounts:\u00a0APRs will decrease by an average of 32 basis points.\r\n\r\nQ&A with WalletHub CEO Odysseas Papadimitriou\r\nIs it a good idea for the Federal Reserve to cut its target rate?\r\n\u201cConsumer spending will go down as people stay home because of the coronavirus. That will hit a number of industries particularly hard, such as the service industry, travel providers, live entertainment venues, movie theaters, and more. That in turn could lead to a domino effect, with turmoil in one industry spilling over to another,\u201d says WalletHub CEO Odysseas Papadimitriou. \u201cFor example, if a restaurant owner can no longer pay rent, the property owner might not be able to pay its loan, and the bank that made the loan might end up suffering as well.\u201d\r\n\r\nWill the House bill for Coronavirus relief passed Friday be sufficient?\r\n\u201cIt is a good first step, if it gets through the Senate without significant changes or delays. It is a must that the final legislation includes free coronavirus testing for everyone and covers hospitalization costs for those affected, regardless of insurance coverage,\u201d Papadimitriou says. \u201cRegardless, it looks like we\u2019ll need more legislation after this to further support the economy and affected workers.\u201d\r\n\r\nWhat should businesses be doing to prepare?\r\n\u201cThis weekend\u2019s Fed rate cut should be a wakeup call for businesses to begin working remotely, if they haven\u2019t already,\u201d Papadimitriou says. \u201cCompanies have two major objectives in doing so: minimizing interruptions to business processes and safeguarding human capital.\u201d\r\n\r\nWhat should consumers do to prepare?\r\n\u201cThe first thing people should do is follow the advice from healthcare professionals and the CDC. Dr. Fauci knows what he\u2019s talking about. Other than that, now is the time to really start expanding your emergency fund,\u201d Papadimitriou advises.