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.

Federal Reserve Bank of Chicago President Austan Goolsbee on Friday signaled he feels the U.S. central bank will likely end up cutting the policy rate by another quarter of a percentage point this year and a full percentage point further next year,

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.