The US Federal Reserve on Wednesday (December 10) cut its key interest rate for the third consecutive time and indicated it may keep rates steady in the coming months, a decision that could draw criticism from US President Donald Trump, who has called for sharper reductions in borrowing costs.

After its two-day meeting, the Fed’s policy committee said it could hold interest rates steady in the months ahead. In its quarterly economic projections, officials also indicated they expect only one rate cut over the next year.

Wednesday’s decision lowered the benchmark rate to around 3.6%, its lowest level in nearly three years. The reduction is expected to ease borrowing costs for mortgages, auto loans and credit cards over time, although market conditions can influence how quickly those change

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