The Federal Reserve on Wednesday slashed its key lending rate by a quarter percentage point for the final time this year — but signaled the pace of cuts will slow in the year ahead as the central bank moves to keep a lid on inflation. The widely expected quarter-point cut reduced the Federal Reserve’s target rate to between 4.25% and 4.5%.

New data from the Labor Department shows the consumer price index, a key inflation gauge, rose 0.3% in November. That will likely impact the Federal Reserve's final interest rate decision of 2024. CBS News MoneyWatch correspondent Kelly O'Grady has more.

The Federal Reserve today made its final interest rate decision of 2024, capping a year during which the central bank provided some financial relief to inflation-weary borrowers in September by ushering in its first rate reduction in four years.

WASHINGTON -- Below is the statement the Federal Reserve released Wednesday after its latest policy meeting ended: Recent indicators suggest that economic activity has continued to expand at a solid pace. Since earlier in the year, labor market conditions ...

The Federal Reserve's policymakers announced that they will cut the benchmark federal funds rate by a quarter point in December, marking the central bank's third straight cut.

U.S. consumer prices increased by the most in seven months in November, but that is unlikely to discourage the Federal Reserve from delivering a third consecutive interest rate cut next week against the backdrop of a cooling labor market and rental costs.

U.S. unit labor costs grew far less than initially thought in the third quarter, pointing to a still favorable inflation outlook even though price increases have not moderated much in recent months. T

The US government's inflation reading kept intact bets on the Federal Reserve cutting interest rates later this month, as per a Reuters report. A Labor Department report showed the Consumer Price Index (CPI) rose 0.

New orders for key U.S.-manufactured capital goods surged in November amid strong demand for machinery, while new home sales rebounded after being weighed down by hurricanes, offering more signs that the economy is on solid footing as the year ends.

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