The Federal Reserve cut interest rates for the third time this year Wednesday, amid significant internal dissent and signs that further rate cuts next year are likely to be limited.

Why it matters: The Fed has delivered the interest rate relief President Trump has repeatedly demanded, though as chair Jerome Powell approaches his final months in office, the path of policy ahead is clouded in uncertainty.

Driving the news: The policy-setting Federal Open Market Committee lowered its target for the federal funds rate to between 3.5% and 3.75%. • Three officials dissented from the decision, the most at a policy meeting since 2019. Chicago Fed president Austan Goolsbee and Kansas City Fed President Jeff Schmid favored leaving rates steady, while governor Stephen Miran preferred to cut rates

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