The U.S. Federal Reserve has announced its third consecutive rate cut, narrowing the gap with South Korea’s benchmark rate to one‑point‑25 percentage point.

After a two‑day meeting of the Federal Open Market Committee, the central bank said in a statement Wednesday that it had lowered its key lending rate by a quarter of a percentage point to a new range of three‑point‑five percent to three‑point‑75 percent, the lowest level in three years.

The cut reduced the gap with South Korea’s benchmark rate to one‑point‑25 percentage points.

The Fed held its median projection for the policy rate at the end of next year steady at three‑point‑four percent, unchanged from its September outlook.

That forecast suggests the Fed expects to cut rates by another 25 basis points next year.