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.

"Unemployment is going to come down, growth is going to come up, inflation is going to come up," Deutsche Bank's chief US economist said.

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."

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.

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.

Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the U.S. central bank's policy spectrum, said on Monday he is open to cutting interest rates again next month.