The US Federal Reserve is all but certain to cut interest rates on Wednesday for the first time in more than four years, a significant move likely to ripple through global financial markets.

While lower interest rates will ultimately help with everything from credit card charges to buying a house, analysts warn that it may take months for these benefits to seep down to consumers.

The US Federal Reserve's decision on Wednesday will affect the rates at which commercial banks lend to consumers and businesses, bringing down the cost of borrowing on everything from mortgages to credit cards.