Business

The Federal Reserve left its key interest rate on hold at a range of between 5.25% and 5.5%, but it also published projections that suggested it would cut rates three times in 2024. That delighted investors. Stockmarkets surged, with the Dow Jones industrial average closing at a new all-time high. The Fed’s decision came after data for November showed that America’s annual inflation rate had slowed only slightly to 3.1%, and the core rate, which excludes food and energy, had remained at 4%.