Photo: Jerome Powell, chairman of the U.S. Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., on November 1, 2023. Photographer: Al Drago/Bloomberg Jerome Powell, chairman of the U.S. Federal Reserve, during a news conference on November 1, 2023. Photographer: Al Drago/Bloomberg.

Federal Reserve officials penciled in just one interest-rate cut this year, while forecasting more cuts for 2025, reinforcing policymakers' calls to keep borrowing costs high for longer to suppress inflation.

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