A sharply divided Federal Reserve cut interest rates on Wednesday but signaled borrowing costs are unlikely to drop further in the near term as it awaits clarity on the direction of a job market showing signs of softening, inflation that "remains somewhat elevated" and an economy it sees picking up steam next year. New policymaker projections issued after the U.S. central bank's final two-day meeting of 2025 showed a median expectation for a single quarter-percentage-point cut next year, the same as in September. But it was accompanied by a wide range of estimates that starkly illustrated the depth of disagreement about where to take monetary policy in 2026 and beyond in an economy being reshaped by President Donald Trump's policies and an artificial intelligence investment boom. "In consi

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