The US Federal Reserve cut interest rates for the third time this year, to 4.25-4.5%. But the central bank has indicated that it is likely to slow the pace of interest rate cuts next year, as rates remain high. “The signal the Fed is giving is that it intends to break the back of inflation and bring it down to the target rate of 2%,” says Rodney Sullivan, of the University of Virginia’s Darden School of Business.
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