The Fed just cut interest rates for the third time this year

The Fed struck again, but perhaps for the last time in the near future.

The Federal Reserve announced it cut interest rates Wednesday for the third time this year, dropping the target for the federal funds rate to a range between 1.5 percent and 1.75 percent. The Fed said the slash was justified because of global economic uncertainty, but Chair Jerome Powell did say the potential for a U.S.-China trade deal and the lessening risk of a no-deal Brexit could help raise business confidence.

In its statement, the rate-setting committee said it would now "assess the appropriate path" for rates going forward, while monitoring "the implications of incoming information." The tone was milder than that of their previous policy statement, which said the committee would "act as appropriate" to sustain economic expansion, The Wall Street Journal reports. That likely suggests the Fed is not planning for a further cut this year, according to The Financial Times.

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"The 'mid-cycle adjustment' in rates appears to be over," said Ron Temple, head of U.S. equities at Lazard Asset Management. "The Fed telegraphed today that rate cuts are over for now, and markets." Read more at The Financial Times and The Wall Street Journal.