With the potential for the Federal Reserve to initiate interest rates in September, what does this mean for consumers? Fed officials are currently convening for their July FOMC meeting with Chair Jerome Powell set to announce the central bank's monetary policy decision later this afternoon.

The Conference Board chief economist Dana Peterson joins Wealth! to give insight into what the Fed's first rate cut could mean for consumer wallets.

Peterson believes a potential rate cut is "mixed news," claiming that "on the one hand, most people are working and consumers are continuing to say that that's a good thing. But they are very concerned about price levels. And that's certainly something the Fed has been working on in terms of bringing inflation down. But it doesn't mean that the price levels are going to go down."

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This post was written by Nicholas Jacobino