Powell may seek a unanimous vote to pass the rate cut decision, or even consider a sharp rate cut.

The current federal funds rate is at its highest level in more than 20 years, and recent reports show that inflation pressures are gradually returning to the 2% target.

Several officials within the Fed have released signals of rate cuts, and Powell may push for at least a 25 basis point rate cut at this month's meeting.

Given the weak labor market, further sharp rate cuts are not ruled out.