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.

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."

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.

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.

With inflation still elevated, Federal Reserve officials expressed caution at their last meeting about cutting interest rates too quickly, adding to uncertainty about their next moves. Even if inflation continued declining to the Fed's 2% target,

Federal Reserve officials discussed potentially slowing down or pausing interest-rate cuts if progress on lowering inflation stalled out when they met earlier this month. Officials thought that if the economy performed in line with their expectations that inflation would continue to decline steadily,

Several policymakers said they were less worried about an economic slowdown than they had been in September, when the Fed kicked off its rate-cutting cycle.