The Federal Open Market Committee is most likely to cut interest rates again to 4.25% to 4.5% on December 18 according to fixed income markets.

U.S. central bankers on Tuesday said they continue to believe inflation is heading down to their 2% target and signaled support for further interest rate cuts ahead, but none pushed strongly for or against doing so when they next meet to set rates in two weeks.

In a recent speech, Christopher Waller, a member of the Fed Board of Governors, said a rate cut hinged on inflation continuing to drop.