On November 26 local time, the Federal Reserve released the minutes of the Federal Open Market Committee (FOMC) meeting held on November 6-7. According to the forecasts in the minutes, the Federal Reserve may cut interest rates by another 25 basis points in December.

The minutes indicate that the Federal Reserve decided to lower the target range for the federal funds rate by 25 basis points at the November meeting, bringing the benchmark funds rate to a range of 4.5% to 4.75%. It was stated that further adjustments to the monetary policy stance would help maintain the strength of the economy and the labor market while continuing to push inflation lower. Participants believed that it was appropriate to continue reducing the Federal Reserve's securities holdings. Participants expect that if the data aligns roughly with expectations, and the inflation rate continues to decline towards 2%, with the economy remaining close to maximum employment, then gradually shifting to a more neutral policy stance may be appropriate over time.

According to the minutes, the members of the Federal Open Market Committee unanimously agreed that economic activity continues to expand at a robust pace, although the pace of job growth has slowed since earlier this year, and the unemployment rate has increased but remains low. Members unanimously agreed that inflation is moving towards the 2% target, but the inflation rate is still slightly high.