Fed signals it could cut interest rates 3 times in 2024

WASHINGTON — The Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, and its officials signaled that they expect to make three quarter-point cuts to their benchmark rate next year. Speaking at a news conference, Chair Jerome Powell said that Fed officials are likely done raising interest rates because of how steadily inflation has cooled. “Inflation has eased over the past year but remains over our longer run goal of 2 percent,” Chair Jerome Powell said at a news conference after the Fed’s 19-member policy committee ended its latest meeting. Traders on Wall Street welcomed the prospect of lower…