The Fed cut rates by 25 basis points to the 4.25%-4.50% range and its summary of economic projections (SEP) indicated it will make rate cuts totaling a half percentage point by the end of 2025 given the solid labor market and the recent stall in lowering inflation.

New data from the Labor Department shows the consumer price index, a key inflation gauge, rose 0.3% in November. That will likely impact the Federal Reserve's final interest rate decision of 2024. CBS News MoneyWatch correspondent Kelly O'Grady has more.

The Federal Reserve today made its final interest rate decision of 2024, capping a year during which the central bank provided some financial relief to inflation-weary borrowers in September by ushering in its first rate reduction in four years.

WASHINGTON -- Below is the statement the Federal Reserve released Wednesday after its latest policy meeting ended: Recent indicators suggest that economic activity has continued to expand at a solid pace. Since earlier in the year, labor market conditions ...

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 US government's inflation reading kept intact bets on the Federal Reserve cutting interest rates later this month, as per a Reuters report. A Labor Department report showed the Consumer Price Index (CPI) rose 0.

U.S. consumer prices increased by the most in seven months in November, but that is unlikely to discourage the Federal Reserve from delivering a third consecutive interest rate cut next week against the backdrop of a cooling labor market and rental costs.

Economists generally agree that broad tariffs on trade partners would lead to higher prices, with the burden falling on US businesses and consumers. This price increase could drive inflation higher, potentially disrupting the Fed's interest rate cuts and causing volatility in financial markets, thereby increasing economic uncertainty.

The dollar edged higher on Tuesday in thin holiday trading as the expected slower path of interest rate cuts from the U.S. Federal Reserve compared with other global central banks continued to command market direction.

The U.S. Federal Reserve said on Monday it was considering major changes to its annual bank "stress tests" in light of recent legal developments, including allowing lenders to provide comment on the models it uses,

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.

For the quarter, the Voya Large Cap Growth Fund underperformed its benchmark, the Russell 1000 Growth Index on a NAV basis. Click here to read the full commentary.