The Federal Open Market Committee will announce its next scheduled decision on interest rates on December 18. A rate cut is likely but far from certain.

Strong U.S. economic and inflation data continue to reshape the debate among Federal Reserve policymakers over the pace and extent of interest rate cuts as investors on Friday further downgraded their expectations for a rate reduction at the central bank's December meeting.

Fed watchers see a greater chance the central bank may skip a rate cut at its last meeting of the year in December.

Financial writer discusses Jerome Powell's stance on rate cuts, Federal Reserve's securities portfolio reduction, and quantitative tightening progress.

Last week, the fed chair said the US central bank is in no hurry to cut rates when the economy is holding up. The reason is that US consumers just keep on spending. Traders dialled back bets on a December cut to around 55 per cent — from 80 per cent before Powell's comments.