The Federal Reserve on Wednesday cut its benchmark interest rate by 0.25 percentage points, but Chair Jerome Powell hinted that the central bank might pause before further lowering borrowing costs.

The Fed cut lowers the federal funds rate — what banks charge each other for short-term loans — to between 3.75% and 4%, down from its prior range of 4% to 4.25%. The Fed reduced rates by the same amount in September, its first cut since December of 2024.

In a Wednesday afternoon press conference to discuss the decision, Federal Reserve Chair Jerome Powell said another rate cut at its next meeting, set for Dec. 10, "isn't a foregone conclusion." That may disappoint some borrowers and investors, given that the Fed last month had penciled in an additional rate cut for its final meeting of the ye

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