Golden Finance reported that Federal Reserve officials lowered their benchmark interest rate for the third consecutive time, but controlled their expectations for the number of rate cuts in 2025, indicating that they are more cautious about how quickly they can continue to reduce borrowing costs. "With today's action, we have lowered the policy rate by a full percentage point from its peak, and our policy stance is now significantly less restrictive," Fed Chairman Powell told reporters at a news conference after the Fed's decision. "So, "We can be more cautious when considering further adjustments to policy rates." Still, Powell added, interest rates remain a real dampener on economic activity and the Fed is "on track to continue cutting rates." But he said officials must see more progress on inflation before cutting rates further.