The Federal Reserve lowers interest rates again -- but hints at fewer cuts next year

Federal Reserve chairman Jerome Powell and his colleagues lowered their benchmark interest rate Wednesday by a quarter percentage point. That will make it cheaper to get a car loan, finance a business or carry a balance on your credit card.

The Fed lowered interest rates by a quarter percentage point — but policymakers are projecting fewer rate cuts next year as inflation remains elevated.

(Image credit: ANDREW CABALLERO-REYNOLDS)



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