WASHINGTON—The Federal Reserve cut interest rates for the third time this year and began to downplay expectations of further cuts for now.
The policy statement released Wednesday signaled a potentially higher bar for rate reductions after the latest move, which will drop the target for the federal-funds rate to a range between 1.5% and 1.75%.
Officials removed language used in June, July and September in which the rate-setting committee said it would “act as appropriate” to sustain the economic expansion. They replaced that phrase with a milder alternative. “The committee will continue to monitor the implications of incoming information for the economic outlook as it assesses the appropriate path” of its target rate, the statement said.
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