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.

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.

As concerns over inflation and proposed tariffs loom overhead, the Federal Reserve will begin its two-day final interest rate meeting of the year.

Federal Reserve will likely signal a slower pace of interest rate cuts next year, meaning only slight relief from still-high borrowing costs for mortgages, auto loans and credit cards.

The U.S. Federal Reserve has issued their final rate cut of 2024, saying that what happens next year will depend on the actions and policies of the incoming Trump administration. Some at the reserve has signaled that the rate cuts will slow down as business leaders say inflation is not coming down enough.

The Federal Reserve's third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers