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."

Few surprises in the October personal income and outlays report should keep the Federal Reserve on track to cut interest rates on Dec. 18—pending a pair of key economic data releases between now and then.

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.

Markets are currently projecting roughly two cuts in 2025, per Bloomberg data. The Fed is scheduled to release an updated forecast on Dec. 18. While they differ on the specifics, Wall Street economists generally agree that the central bank's current rapid pace of rate cuts won't continue.

The Federal Reserve cut interest rates at its last two meetings–and the odds are shifting in favor of it making it a hat-trick next month. Traders think there's a 67% chance the central bank slashes borrowing costs by 25 basis points and just a 33% chance it stands pat on Dec.