The Federal Reserve reduced its key interest rate by a quarter-point for the third time in a row Wednesday but signaled that it may leave rates unchanged in the coming months.

Chair Jerome Powell signaled at a news conference that the Fed would likely hold off on further rate cuts in the coming months while it evaluated the health of the economy. And in a set of quarterly economic projections, Fed officials signaled they expect to lower rates just once next year.

Wednesday’s cut reduced the rate to about 3.6%, the lowest it has been in nearly three years. Lower rates from the Fed can bring down borrowing costs for mortgages, auto loans and credit cards over time, though market forces can also affect those rates.

Fed officials “will carefully evaluate the incoming data,” Powell said, add

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