Here's why the Fed matters to you, mom, pop, and average Joe

At 2:00 p.m. ET, the Fed will decide if it will hike the Fed funds rate. And in one way or another, the Fed funds rate serves as the benchmark for basically every interest rate on the planet. Government borrowing rates, mortgage rates, credit card rates, savings account yields, etc.

The Fed funds rate target is currently in a range of 0 to 0.25%. This so-called zero-interest rate policy (ZIRP) was introduced by the Fed in December 2008 in its effort to stimulate growth and inflation in the wake of the financial crisis.

Seven years later, it seems pretty clear that the economy is out of crisis. And it's becoming increasingly likely that the Fed hikes before the year is over.

Even if you're not a titan of finance, the Fed's interest rate decision could still affect you if you're planning to buy a house or save for retirement. Here are some of the major ways the Fed can impact the lives of everyday Americans.