NEW YORK -- The U.S. Federal Reserve cut interest rates by a quarter of a percentage point on Wednesday to bring the benchmark overnight interest rate to a range between 4.25% and 4.50%, but projected fewer rate cuts next year.
"The slower pace of cuts for next year really reflects both the higher inflation readings we've had this year and the expectations that inflation will be higher," Fed Chairman Jerome Powell said, while reiterating the central bank is on track to continue to make cuts going forward.
