Fed Lowers Interest Rates by a Quarter Point but Hints at Fewer Cuts Next Year Due to High Inflation Sending Dow Down by 1,100 Points

The Federal Reserve on Wednesday cut its key interest rate by 25 basis points, marking the third cut in a row. However, the move was accompanied by a cautious message regarding the possibility of further reductions in the years ahead. As expected, the Federal Open Market Committee lowered the overnight borrowing rate to a target…