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.

The minutes from the Federal Open Market Committee’s Nov. 6-7 meeting will be published at 2 p.m. ET on Tuesday.

The account of the central bank’s Nov. 6-7 meeting, released on Tuesday, showed that Fed officials still planned to cut interest rates further. But with the job market holding up better than expected and the economy growing at a solid clip, they are in no rush to slash them rapidly.

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.