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As expected, the Federal reserve held interest rates steady for the third straight time, signaling that its nearly two-year battle against high inflation may finally be coming to an end as policymakers forecast a series of cuts next year.
The decision left interest rates unchanged at a range of 5.25% to 5.5%, the highest level in 22 years. But policymakers also opened the door to multiple rate cuts next year amid signs the economy is beginning to slow in the face of tighter monetary policy.
The decision comes a day after the release of the November inflation numbers. The headline CPI is at an annualized rate of 3.1%, well above the Fed's stated goal of 2%.