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WEKU
WEKU
Business
Scott Horsley

The Fed is probably done raising interest rates and could cut them next year

Inflation Interest Rates the Federal Reserve US Federal Reserve
Federal Reserve Chair Jerome Powell speaks during a news conference after the central bank's policy meeting at the Federal Reserve in Washington, D.C., on Nov. 1, 2023. The Fed kept interest rates unchanged on Wednesday, but projected they would be able to lower them next year. (Kevin Dietsch/Getty Images)

The Federal Reserve signaled it's probably done raising interest rates to curb inflation and the central bank could start cutting rates next year.

Inflation has moderated recently, giving more comfort to policymakers. Annual inflation fell to 3.1% in November, thanks in part to a steep drop in gasoline prices, the Labor Department said Tuesday. Overall prices are climbing less than half as fast as they were at the beginning of the year.

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