Gold slipped more than 2% to a one-month low on Wednesday after the U.S. Federal Reserve lowered interest rates as expected, but noted it will slow the pace at which borrowing costs fall any further,

The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages, and other forms of borrowing by consumers and businesses.

The Federal Reserve cut its key interest rate Wednesday by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year than it previously envisioned,

But with inflation pressures still elevated and with concern that President-elect Donald Trump's policies could fuel inflation, the Fed indicated Wednesday that it's likely to cut rates more gradually in 2025 than it had projected three months ago.

Federal Reserve officials are widely expected to cut interest rates, but investors will focus on hints about what comes next.

Mortgage rates inched up ahead of a widely-expected rate cut by the Federal Reserve this week. A week ahead of the Fed’s expected cutting of its benchmark interest rate by a quarter percentage point,

Federal Reserve officials projected just two rate cuts in 2025, and they made it clear that future reductions would hinge on inflation progress.