The U.S. Federal Reserve has issued their final rate cut of 2024, saying that what happens next year will depend on the actions and policies of the incoming Trump administration. Some at the reserve has signaled that the rate cuts will slow down as business leaders say inflation is not coming down enough.

Inflation just hit a five-month high in November and asset prices are smashing records. The Federal Reserve has been communicating its ambition to stamp out inflation for over two years and yet it’s about to cut interest rates as prices continue to move in the wrong direction.

The Federal Reserve cut its key interest rate by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year.

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.

Here’s how the Fed’s latest move will impact your borrowing costs