The Federal Reserve cut interest rates by 0.25% on November 7. More interest rate cuts are likely through the end of 2026.

"The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully," Powell said.

Earlier on Thursday, mortgage rates rose again for the sixth consecutive week, hitting a four-month high of 6.79%, according to Freddie Mac. The Fed's latest rate cut, which was universally expected and thus fully priced in to bond markets, is unlikely to bring relief to mortgage rates in the near term.

On Thursday, at the end of its November meeting, the Fed announced a reduction of 0.25 percentage points in the federal funds rate, or the rate at which banks lend each other money overnight. The move follows an initial cut of half a percentage point in September.

Chair Jerome Powell says the Federal Reserve will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed’s

Good morning. Jerome Powell isn’t in a hurry to lower US interest rates. Rachel Reeves says that the UK’s crackdown on banks went too far. And shop for thrifty to expensive watches with Bloomberg Pursuits.

Federal Reserve Chair Jerome Powell said Thursday that interest rates are still expected to decline further, but suggested they might not be that much lower over the next few months.

A look at the day ahead in Asian markets. A warm reading on U.S. producer price inflation in October and hawkish comments by Federal Reserve chair Jerome Powell weighed on Wall Street and shouldn't distract Asian investors much from focusing on the incoming Trump administration.