The Federal Reserve decided Wednesday to lower its benchmark interest rate by a quarter point for a third time this year, but indicated future cuts will likely be halted barring a deterioration in economic conditions.

The Fed lowered its short-term lending rate to between 1.5% and 1.75% from 1.75% to 2%, citing a “moderate rate” of economic growth.

Read more: US: Fed cuts interest rates, but indicates halt coming