WASHINGTON — Since about the middle of last year, interest rates have continued to fall. But experts say additional cuts may take some time.

The effective federal funds rates are now set at 3.5% to 3.75%. This is the lowest rates have been since December 2022, according to the Federal Reserve.

"I do not expect them to be in a rush to continue to lower rates next year," said West Virginia University economist John Deskins.

This was the third time the Fed has cut rates this year. Prior to that, the Fed had been gradually increasing rates after having historically low rates during the COVID-19 pandemic.

"The inflation that we saw in '21 and '22 was the highest that we had seen in 40 years. Very, very bad, very damaging for people and for the economy. So the Fed, when they saw that inflati

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