US Federal Reserve lowers interest rates by quarter point as inflation remains a concern

The Federal Reserve cut its key interest rate by a quarter-point for the third consecutive time. This move was seen as a "hawkish" rate cut, with the Fed estimating that they will only deliver half the policy easing in 2025 that they had previously projected. The Fed's forecasts also showed stronger growth and inflation in 2025. However, this move sent stocks sharply lower, with the Dow Jones industrial average closing down 1,123.04 points, or 2.6%.