NEW YORK — 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.

But with inflation pressures still elevated and with concern that President-elect Donald Trump’s policies could fuel inflation, the Fed indicated Wednesday that it’s likely to cut rates more gradually in 2025 than it had projected three months ago. The policymakers now envision two rate cuts next year, not the four they predicted back in September.