Washington Today (12-18-24): Fed cuts interest rates 0.25%, signals slower rate cut pace next year

Federal Reserve cuts interest rates 0.25%, the third cut of the year, but suggests that the pace of rate cuts next year may slow down because inflation is still above their target 2%.

On Wall Street, Dow Jones Industrial Average falls 1,100 points.

We hear from Federal Reserve Chair Jerome Powell, who says the Fed is entering a 'new phase' of rate cuts and talk with MarketWatch senior reporter Greg Robb. (4)

Speaker Mike Johnson (R-LA) is defending a bill to keep the U.S. government operating past Friday against Republican critics who say it spends too much and contains extraneous measures. Those critics include President-elect Donald Trump.

The Senate advances repealing two Social Security provisions that limit the ability of some retirees who also collect pensions from claiming Social Security benefits.

The Senate also joins the House in passing a nearly $900 billion National Defense Authorization Act (NDAA), sending it to President Joe Biden. The bill limits transgender care insurance coverage for children of servicemembers.

The Senate takes up, but does not pass, a bill that would allow local enforcement to track drones, a response to the mysterious drone sightings in New Jersey and other states in the Eastern U.S.

Secretary of State Anthony Blinken speaks at the Council on Foreign Relations in New York City about the chances of an Israel-Hamas ceasefire and hostage release agreement in the final days of the Biden Administration.

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