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. Those envisioned rate cuts which wouldn't likely begin until the second half of 2024 suggest that the officials think high borrowing rates will still be needed for much of next year to further slow spending and inflation.
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