The US Federal Reserve has cut interest rates for the third time this year, to 4.25-4.5%. But the central bank has indicated that it is likely to slow the pace of its rate cuts next year, as prices remain high. Rodney Sullivan, from the University of Virginia's Darden School of Business, says "the signal the Fed is giving is that they intend to break the back of inflation and get it down to the target rate theirs of 2%."

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