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."

The Fed has lowered interest rates by a total of 75 basis points over its last two meetings, but further rate cuts may be sparse.

Federal Reserve officials appeared divided at their meeting earlier this month over how much farther they may need to cut interest rates, but as a group agreed to avoid giving much guidance from here on about how U.

Federal Reserve officials expressed confidence that inflation is easing and the labor market is strong, allowing for further interest rate cuts albeit at a gradual pace, according to minutes from the November meeting released Tuesday.

Many” senior Federal Reserve officials said uncertainty about the so-called neutral level of interest rates support a more gradual approach in reducing U.S. borrowing costs, new documents show.

Chicago Federal Reserve President Austan Goolsbee said the neutral rate is "well below" where it is right now, and policymakers can cut further so long as the economy does not overheat.

Minutes from the Federal Reserve policy committee's most recent meeting show that central bankers favor a cautious approach to cutting their benchmark interest rate.

Federal Reserve Bank of Chicago President Austan Goolsbee said it would be “perfectly sensible” for the US central bank to slow down the pace of its interest-rate cuts as it approaches what it deems a neutral setting for monetary policy.