The Federal Reserve's policymakers announced that they will cut the benchmark federal funds rate by a quarter point in December, marking the central bank's third straight cut.

The Federal Reserve cut its key interest rate by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year.

The Federal Reserve announced another interest rate cut, reducing its benchmark rate by .25 percentage points. CBS News business analyst Jill Schlesinger has more on the move.

Here’s how the Fed’s latest move will impact your borrowing costs

The Fed trimmed a key interest rate by a quarter percentage point, its third straight rate cut. But it forecast fewer 2025 cuts amid inflation uptick.

Federal Reserve officials on Wednesday will likely signal a slower pace of interest rate cuts next year compared with the past few months, which would mean that Americans might enjoy only slight relief from still-high borrowing costs for mortgages,

Interest-rate cuts are supposed to lower borrowing costs, but that’s not necessarily happening for credit-card users.