WASHINGTON (AP) — The Federal Reserve reduced its key interest rate by a quarter-point for the third time in a row Wednesday but signaled that it may leave rates unchanged in the coming months, a move that could attract ire from President Donald Trump, who has demanded steep reductions to borrowing costs.

In a statement released after a two-day meeting, the Fed’s rate-setting committee suggested further rate cuts would depend on signs that the economy is faltering. And in a set of quarterly economic projections, Fed officials signaled they expect to lower rates just once next year.

Wednesday’s cut reduced the 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...