Photo: Jerome Powell. Photographer: Anna Moneymaker/Getty Images Jerome Powell. Photographer: Anna Moneymaker/Getty Images

The Federal Reserve held interest rates steady for a third meeting and gave its clearest signal yet that its aggressive hiking campaign is finished—by forecasting a series of cuts next year.

Officials decided unanimously to leave the target range for the benchmark federal funds rate at 5.25 percent to 5.5 percent, the highest since 2001. Policymakers penciled in no further interest-rate hikes in their projections, for the first time since March 2021, based on the median estimate.

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