The Federal Reserve has cut its benchmark interest rate for the third time this year to try to sustain the economic expansion in the face of global threats. But it hinted that it won't cut again at its next meeting.

The Fed's move reduces the short-term rate it controls - which influences many consumer and business loan rates - to a range between 1.5% and 1.75%.

A statement the Fed released after its latest policy meeting removed a key phrase that it has used since June to indicate a future rate cut is likely. This could mean that Fed officials will prefer to leave rates alone while they assess how the economy fares in the months ahead.

Federal Reserve Chairman Jerome Powell said at a news conference Wednesday that it would take a "material reassessment" of the central bank's outlook for the economy for additional cuts to occur.

The economy is in its 11th year of expansion, fueled by consumer spending and a solid if slightly weakened job market. But by cutting rates the Fed is trying to counter uncertainties heightened by President Donald Trump's trade conflicts, a weaker global economy and a decline in U.S. manufacturing. 

The Fed's previous rate cuts in July and September have boosted home sales by lowering mortgage rates. Housing boosted growth in the third quarter for the first time in seven quarters.

Business spending, however, fell by the most in nearly four years. Many companies have said they have postponed major investment projects because of uncertainties stemming from the U.S.-China trade war.

(The Associated Press)