WASHINGTON (AP) — The Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, a sign that it is likely done raising rates after having imposed the fastest string of increases in four decades to fight painfully high inflation.
The Fed’s policymakers also signaled that they expect to make three quarter-point cuts to their benchmark interest rate next year, fewer than the five envisioned by financial markets and some economists.
And in a statement the Fed said inflation has fallen in the past year, the first time it has formally acknowledged progress in its inflation fight.
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