Fed holds rates steady, signals three rate cuts next year

The Federal Reserve is staying on pause, keeping the federal funds target in a range of 5.25% to 5.50%. In its statement, the Federal Open Market Committee says that economic indicators show that "growth of economic activity has slowed from its strong pace in the third quarter" and that job gains have moderated. Inflation, the statement says, has eased, but "remains elevated." In its Summary of Economic Projections, policymakers see 75 basis points worth of cuts in 2024.  Yahoo Finance Federal Reserve Reporter Jennifer Schonberger breaks down the Fed's decision and statement For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.