 If you are a person who's thinking, wow, I want to buy that new car, but rates are just a little bit high. Well, when the Fed cuts rates eventually, they're not going to do it just once. You should wait a little bit if you can, because they're going to go down even more. While economists agree rate cuts won't instantly juice an economy, there's really no consensus on just how long that lag is. Sarah House is an economist at Wells Fargo.