The Federal Reserve slashed interest rates as expected Wednesday, but signaled fewer cuts than originally forecast for 2025 — sending the Dow spiraling more than 1,100 points. The Fed cut rates by 25 basis points to the 4.

New data from the Labor Department shows the consumer price index, a key inflation gauge, rose 0.3% in November. That will likely impact the Federal Reserve's final interest rate decision of 2024. CBS News MoneyWatch correspondent Kelly O'Grady has more.

The Federal Reserve today made its final interest rate decision of 2024, capping a year during which the central bank provided some financial relief to inflation-weary borrowers in September by ushering in its first rate reduction in four years.

WASHINGTON -- Below is the statement the Federal Reserve released Wednesday after its latest policy meeting ended:

U.S. consumer prices increased by the most in seven months in November, but that is unlikely to discourage the Federal Reserve from delivering a third consecutive interest rate cut next week against the backdrop of a cooling labor market and rental costs.

U.S. unit labor costs grew far less than initially thought in the third quarter, pointing to a still favorable inflation outlook even though price increases have not moderated much in recent months. T

The US government's inflation reading kept intact bets on the Federal Reserve cutting interest rates later this month, as per a Reuters report. A Labor Department report showed the Consumer Price Index (CPI) rose 0.

US consumer spending increased in November amid strong demand for a range of goods and services, underscoring the economy’s resilience, which saw the Federal Reserve this week projecting fewer interest rate cuts in 2025 than it had in September.

Although experts optimistically predicted rates would fall close to 6% by the end of 2024, projections have changed significantly. Fannie Mae now expects average 30-year fixed mortgage rates to hold above 6.5% until early 2025.

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