The Federal Reserve reduced its key interest rate by a quarter-point for the third time in a row but signaled that it may leave rates unchanged in the coming months.

The cut decreased the Fed's rate to about 3.6%, the lowest it has been in nearly three years. Lower rates from the Fed can bring down borrowing costs for mortgages, auto loans, and credit cards over time, though market forces can also affect those rates.

Oil companies offered $300 million for drilling rights in the Gulf of Mexico on Wednesday in the first of 30 sales planned for the region under Republican efforts to ramp up U.S. fossil fuel production.

The sale came after President Donald Trump's administration recently announced plans to allow new drilling off Florida and California for the first time in decades. That's drawn pushback, including from Republicans worried about impacts to tourism.

Mexico's Congress approved Wednesday most of the tariff increases proposed by the government on more than 1,400 products imported from China and other countries that do not have free trade agreements with Mexico.

The Senate passed the measure Wednesday evening, following the lower chamber, which had approved the increases before dawn. The governing Morena party of President Claudia Sheinbaum, who said the tariffs were necessary to spur domestic production, controls both chambers. The Senate passed the legislation with 76 votes in favor, five against and 35 abstentions.

Canada's ambassador to the U.S. for the last six years said Tuesday she's resigning next year as the two major trading partners plan to review the free trade agreement.

The head of the International Monetary Fund has urged China to fix its economic imbalances, saying the country of 1.4 billion people is too big to rely on exports for its growth.

On the road in Pennsylvania on Tuesday, President Donald Trump tried to emphasize his focus on combating inflation, yet the issue that has damaged his popularity couldn't quite command his full attention.

The president told the crowd gathered at a casino and resort in Mount Pocono that inflation was no longer a problem and that Democrats had used the term "affordability" as a "hoax" to hurt his reputation. But his remarks weaved wildly to include grievances he first raised behind closed doors in his first term in 2018 — and later denied saying — asking why the U.S. doesn't have more immigrants from Scandinavia.

U.S. President Donald Trump insisted that consumer prices were falling "tremendously" as he addressed a campaign-style rally on Tuesday aimed at quelling voter anger about the cost of living.

"Prices are coming down tremendously from the highest prices in the history of our country," the Republican said in Pennsylvania, hitting out at Democrats over what he called a "hoax" on the issue.

President Donald Trump announced a $12 billion farm aid package — a boost to farmers who have struggled to sell their crops while getting hit by rising costs after the president raised tariffs on China as part of a broader trade war.

He unveiled the plan Monday afternoon at a White House roundtable with Agriculture Secretary Brooke Rollins, lawmakers from farm states, and farmers who thanked him for the help.

The International Monetary Fund on Tuesday approved the release of $1.2 billion to Pakistan, giving the cash-strapped country a fresh boost as it works to recover from one of its worst economic crises in years.

The IMF in a statement said its executive board completed two reviews of Pakistan's economic programs, clearing about $1 billion under its main loan facility and another $200 million from a separate climate-focused program.

China's exports returned to growth in November after an unexpected contraction in October, pushing its trade surplus in dollar terms for 2025 past the $1 trillion mark for the first time, according to data released Monday.

Exports climbed 5.9% from a year earlier in November while imports rose just under 2%.