The Federal Reserve approved an expected quarter-point interest rate cut Wednesday but indicated that the moves to ease policy could be nearing a pause.

In a vote widely anticipated by financial markets, the central bank's Federal Open Market Committee lowered its benchmark funds rate by 25 basis points to a range of 1.5% to 1.75%. The rate sets what banks charge each other for overnight lending but is also tied to most forms of revolving consumer debt.

It was the third cut this year as part of what Fed Chairman Jerome Powell has characterized as a "midcycle adjustment" in a maturing economic expansion.

Along with the decrease came language pointing to a higher bar for future easing.

The FOMC removed a key clause that had appeared in post-meeting statements since June saying it was committed to "act as appropriate to sustain the expansion." Powell had used the phase in early June to tee up the July rate cut, and it has been incorporated into the official language since.

In its place was more tempered language.

"The Committee will continue to monitor the implications of incoming information for the economic outlook as it assesses the appropriate path of the target range for the federal funds rate," the statement said.

Fed Chair Jerome Powell was even clearer in a news conference, saying central bank officials "see the current stance of monetary policy as likely to remain appropriate."

Market participants had been looking for whether the Fed might start to signal that the policy accommodation, which had come following nine rate hikes since December 2015, would be winding down. The new language suggests an increased level of data dependence rather than an ongoing intent to adjust rates lower. While market pricing had been around 100% for a cut at this meeting, traders had seen only about a 25% probability of a move at the Fed's next meeting on Dec. 10-11, according to CME data heading into Wednesday's decision.