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 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 and businesses. But with inflation pressures still elevated and with concern that President-elect Donald Trump’s policies could fuel inflation,

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

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