Powell just a week after the meeting said the economy was "not sending any signals that we need to be in a hurry to lower rates."

Despite inflation in some sectors remaining outside the Federal Reserve's benchmark of 2%, officials indicated they are pleased with the current easing of interest rates, and more gradual cuts may follow.

Minutes from the Federal Reserve’s November meeting may detail whether officials saw a greater risk of further softening in the U.S. labor market or stalling progress on lowering inflation. It could shed light on how likely a rate-cut pause may be at an upcoming Fed meeting.