Federal Reserve keeps key interest rate unchanged and foresees 3 rate cuts next…

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 keeps coming down, the labor market keeps getting back into balance and, it’s so far, so good,” Powell said after the Fed’s 19-member policy committee ended its latest meeting. On Wall Street, traders celebrated the prospect of lower rates ahead. Stock prices…