The Fed is expected to cut rates today. But the outlook for 2026 is less certain

The Fed is expected to cut interest rates Wednesday by a quarter point, lowering borrowing costs for the third time this year to support a weakening labor market. Follow for live news updates.

• The Federal Reserve is expected to cut interest rates Wednesday by a quarter point, lowering borrowing costs for the third time this year to support a weakening labor market. • Wall Street will be scrutinizing the Fed’s “dot plot,” a quarterly economic outlook that shows central bankers’ forecast for the timing and cadence of future rate cuts, along with inflation and unemployment levels. • Today’s meeting caps off a rough year for central bank officials: They have battled stubborn inflation, a weakening labor market, more than the usual number of committee dissents, and a series of personal attacks from President Donald Trump. • The December meeting is likely the last time Fed Chair Jerome Powell’s authority as central bank head won’t appear undermined: His tenure ends in May and Trump has promised to name a successor months earlier than is typical, essentially creating a shadow Fed chair for the remainder of Powell’s term. President Donald Trump addressed Americans’ financial strain in a speech Tuesday evening in Mount Pocono, Pennsylvania. It’s part of a strategy to travel the country to better communicate his administration’s economic platform. Trump has struggled to stay on message when it comes to the economy and has repeatedly referred to affordability as a “Democratic hoax.”