The Federal Reserve's policymakers announced that they will cut the benchmark federal funds rate by a quarter point in December, marking the central bank's third straight cut.

The Federal Reserve cut its key interest rate by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year.

The Federal Reserve announced another interest rate cut, reducing its benchmark rate by .25 percentage points. CBS News business analyst Jill Schlesinger has more on the move.

Here’s how the Fed’s latest move will impact your borrowing costs

The third interest rate cut in a row is on deck, which is welcome news for consumers struggling to keep up with sky-high interest charges.

The Federal Reserve is set to announce a quarter-point cut to its benchmark rate, from about 4.6 percent to roughly 4.3 percent.

The U.S. Federal Reserve has issued their final rate cut of 2024, saying that what happens next year will depend on the actions and policies of the incoming Trump administration. Some at the reserve has signaled that the rate cuts will slow down as business leaders say inflation is not coming down enough.

A quarter-point cut this month was the right move to avoid an overly hawkish stance that would threaten a serious economic slowdown, according to San Francisco Fed President Mary Daly.