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The Federal Reserve raised borrowing costs for the fourth time this year, looking through a stock-market selloff and defying pressure from President Donald Trump to hold off, while dialing back projections for interest rates and economic growth in 2019.

By trimming the number of rate hikes they foresee in 2019 to two, from three, policymakers signaled they may soon pause their monetary tightening campaign. Officials had a median projection of one move in 2020.

Following the Fed decision, stocks erased gains, 10-year Treasury yields fell, and the dollar bounced off its lows of the day. Investors may have been swayed by the Fed’s generally upbeat analysis and expectation of more rate increases than markets anticipate.

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