The Fed could be in wait-and-see mode as the president-elect develops his economic strategy for 2025 and beyond.

The Federal Reserve today made its final interest rate decision of 2024, capping a year during which the central bank provided some financial relief to inflation-weary borrowers in September by ushering in its first rate reduction in four years.

The Federal Reserve cut its key interest rate by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year.

The Federal Reserve's policymakers announced that they will cut the benchmark federal funds rate by a quarter point in December, marking the central bank's third straight cut.

In remarks at a postmeeting press conference on Wednesday, Fed Chair Jerome Powell said that policymakers are now equally attuned to risks from both sides of the mandate, and would proceed cautiously with future rate cuts to avoid reigniting rapid inflation.

The Federal Reserve on Wednesday moved to lower its benchmark rate by 0.25 percentage points, but said it plans fewer cuts in 2025.

The Federal Reserve announced another interest rate cut, reducing its benchmark rate by .25 percentage points. CBS News business analyst Jill Schlesinger has more on the move.

The third interest rate cut in a row is on deck, which is welcome news for consumers struggling to keep up with sky-high interest charges.

With the new year around the corner, here’s how to set up your bond portfolio to benefit from higher interest rates.

The Dow Jones Industrial Average shed 2.6%, or 1,123 points, closing at 42,327. The S&P 500 lost nearly 3%, closing at 5,872. The Nasdaq Composite lost 3.6%, closing at 19,393. The S&P 500 and Nasdaq have traded at or near record highs in recent days, partly in anticipation of a rate cut by the Fed.

With the federal funds rate finishing 2024 at a 4.25%-4.50% target range, the updated SEP shows two 25-basis-point rate cuts in 2025,according to the median projection, compared with the previous estimate of 100 bps of easing.

Americans hoping for lower borrowing costs for homes, credit cards and cars may be disappointed after this week’s Federal Reserve meeting.