The Federal Reserve slashed interest rates by 25 basis points on Wednesday at the end of its December Federal Open Market Committee meeting. The central bank’s move was highly anticipated. However, all three major indexes tanked following the announcement.

The Fed trimmed a key interest rate by a quarter percentage point, its third straight rate cut. But it forecast fewer 2025 cuts amid inflation uptick.

The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses