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slash donate. Interest rate cuts are likely but don't expect one wrapped under the

tree this season. I'm David Brancaccio in New York.

America's Central Bankers have left interest rates unchanged at a news conference yesterday

Federal Reserve Chair Jerome Powell welcomed inflation coming down closer to the Fed's 2% target, but for interest

rates to come down the calendar will have to say 2024.

Marketplace's Nancy Marshall Genser, was at the Powell briefing.

Fed-Chared Jerome Powell says inflation is still too high.

By some measures, it's still above 3%, but it's a delicate balancing act. The Fed raised interest rates to slow the economy and

tamped down inflation. Powell says now the Fed has to be careful not to overdo it and

keep rates too high for too long.

We're aware of the risk that we would hang on too long.

You know, we know that that's a risk and we're very focused on not making that mistake.

In fact, the Fed issued new economic projections that point to at least three interest rate cuts next year and more in 2025.

Powell also said the conventional wisdom that it's hardest to get the so-called last mile of the

stickiest inflation down may not apply right now.

...