Fed lowers key rate by a quarter-point

The Federal Reserve cut its key interest rate Wednesday by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, largely because of still elevated inflation.

The Fed's 19 policymakers projected that they will cut their benchmark rate by a quarter-point just twice in 2025, down from their estimate in September of four rate cuts. Their new projections suggest that consumers may not see lower rates next year for mortgages, auto loans, credit cards and other forms of borrowing.

GAETZ REPORT: The House Ethics Committee voted in secret to release the long awaited ethics report into exRep. Matt Gaetz, according to a person familiar with the vote who spoke on condition of anonymity Wednesday.

HUSH MONEY: Manhattan Judge Juan M. Merchan on Monday refused to throw out President-elect Donald Trump's hush money conviction because of the U.S. Supreme Court's recent ruling on presidential immunity. A jury convicted Trump in May of 34 counts of falsifying business records related to a $130,000 hush money payment to porn actor Stormy Daniels in 2016.

ABC SETTLEMENT: According to a settlement made public Dec. 14, ABC News agreed to pay $15 million toward Donald Trump's presidential library to settle a defamation lawsuit over anchor George Stephanopoulos' inaccurate on-air assertion that the president-elect was found civilly liable for raping writer E. Jean Carroll.