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 is expected to lower interest rates again, marking the third cut since September as it faces inflation and political changes.

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

The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses

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 Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. But with inflation pressures still elevated and with concern that President-elect Donald Trump’s policies could fuel inflation,

The Federal Reserve's third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers