The U.S. Federal Reserve has issued their final rate cut of 2024, saying that what happens next year will depend on the actions and policies of the incoming Trump administration. Some at the reserve has signaled that the rate cuts will slow down as business leaders say inflation is not coming down enough.

The Fed cited indicators of an expanding economy and an easing labor market after its other rate cuts. This is the third time rates have been cut this year, but economists don’t expect as many cuts in 2025.

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.

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.