The Federal Reserve stated on Wednesday that it will once again maintain the target range for the federal funds rate between 5.25% and 5.5% just as it did in September and November. The Fed’s latest action marks its third pause of hikes since it began increasing rates to combat inflation in March 2022.

In July, the Fed raised interest rates to their current range, marking its fourth such move of 2023 and 11th since March 2022. However, as reported by CNN, the Fed is projecting “three quarter-point cuts in 2024.”

In its statement announcing its latest action, the Fed said that “recent indicators suggest that growth of economic activity has slowed from its strong pace in the third quarter” and that “inflation has eased over the past year but remains elevated.”