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The Federal Reserve on Wednesday held its benchmark interest rate steady for the third consecutive meeting, CBS News reports.

What’s going on: “The Fed said in its policy statement that it will maintain the federal funds rate in a range of 5.25% to 5.5%, marking the third consecutive pause since July, when it last raised rates. Federal Bank officials also signaled the benchmark rate could be cut by [75 basis points] in 2024, according to a chart that documents their projections.”

• The central bank has raised rates 11 times since March 2022 in an effort to combat the highest levels of inflation the U.S. has seen in four decades.
• Prices for goods such as used vehicles, furniture and appliances have started to fall.
• “It’s really good to see the progress we are making,” Federal Reserve Chair Jerome Powell said Wednesday, though inflation remains above the bank’s 2% target.

Why it’s important: While many believe the Fed is done raising rates, “the guessing game [now] is when policymakers might start to lower rates.”