The Federal Reserve on Wednesday delivered on a widely anticipated quarter percentage point interest rate cut that will take its benchmark down to a target range of 4%-4.25%, its lowest in nearly three years. In addition, the central bank's Federal Open Market Committee provided signals of what's down the road.

Here are five key takeaways from the meeting along with Chair Jerome Powell's news conference:

While the rate reduction was no surprise, there was plenty of intrigue over what the "dot plot" of individual members' expectations would show for the future. The upshot: Two more cuts this year, another in 2026 and one more in 2027, all of which would take the funds rate down to around 3%, which the median forecast of the committee sees as "neutral."

Markets weren't sure what to ma

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