Fed Chairman Jerome Powell said the addition of language in the FOMC statement about the "magnitude and timing" of changes in interest rates indicated that the Fed was at or near the point of slowing rate cuts. The Federal Reserve cut the target range for the federal funds rate by 25 basis points to between 4.25% and 4.50%, in line with market expectations. The Fed's dot plot shows the central bank expects two quarter-point rate cuts in 2025, compared with four quarter-point rate cuts in September. The Bank of Japan is expected to keep interest rates unchanged on Thursday, with speculation mounting about a rate hike in January. British inflation rose to an eight-month high in November and the Bank of England is expected to hold interest rates steady on Thursday, with traders no longer betting on two quarter-point cuts next year.