WASHINGTON &gt;&gt; Just a few weeks ago, the path ahead for the Federal Reserve looked straightforward: With inflation cooling and the job market slowing, the Fed appeared on track to steadily cut interest rates.<br><br>In September, its officials predicted that they would reduce their benchmark rate four times next year, on top of three rate cuts this year.<br><br>Yet that outlook has swiftly changed. Several surprisingly strong economic reports, combined with President-elect Donald Trump’s policy proposals, have led to a decidedly more cautious tone from the Fed that could mean fewer cuts and higher interest rates than had been expected.<br><br>Fewer rate cuts would likely mean continued high mortgage rates and other borrowing costs for consumers and businesses. Auto loans would remain expensive.<br><br>Small businesses would still face high loan rates.<div></div><br>