US Federal Reserve cuts interest rates for third time

The US Federal Reserve has cut interest rates for the third time this year, to 4.25-4.5%. But the central bank indicated it would likely slow the pace of its rate cuts in the coming year, as prices remain high. Rodney Sullivan, from the University of Virginia's Darden School of Business, says "the signal that the Fed is giving is that they intend to break the back of inflation and bring it down to their target rate of 2%."