To summarize the key points of the Federal Reserve's November meeting minutes that everyone is paying attention to:

1. Most committee members still believe that a 25 basis point rate cut in December is appropriate.

2. The assessment of the downside risks to the baseline forecast for economic activity has been lowered.

3. Continuing to reduce the balance sheet is appropriate.

4. If inflation continues to rise, it may pause rate cuts.

5. If the unemployment rate continues to rise or the economy slows, it may accelerate rate cuts.

6. The overnight interest rate issue is not of much interest to everyone, so I won't say much more.

Looking at it this way, the probability of a 25 basis point rate cut in December is still quite high.