US benchmark equity indexes ended lower Wednesday as the Federal Reserve reduced its benchmark lending rate by 25 basis points and flagged fewer cuts ahead than projected in September.

* The Federal Open Market Committee reduced interest rates to a range of 4.25% to 4.50% from 4.50% to 4.75%, in line with Wall Street's expectations. Policymakers cut rates by 50 basis points in September and by 25 basis points last month.

* The FOMC's updated Summary of Economic Projections showed Wednesday that members raised their median federal funds rate outlook for 2025 to 3.9% from 3.4% projected in September. The rate projection was increased to 3.4% from 2.9% for 2026 and to 3.1% from 2.9% for 2027.

* Members raised their longer-run median rate outlook to 3% from 2.9%.

* January West Texas Intermediate crude oil closed down $0.09 to settle at $69.99 per barrel, while February Brent crude, the global benchmark, was last seen down $0.35 to $72.84 after a report showed US oil inventories fell for a fourth straight week.

* Jabil (JBL) shares jumped 6.8% after the manufacturing solutions provider reported smaller-than-expected declines in fiscal Q1 results while raising its 2025 outlook.

* General Mills (GIS) lowered its full-year earnings outlook as it increases investments to improve volume and market share trends. The packaged foods maker's shares dropped 2.9%.