Markets are still pricing in another cut in interest rates of 25 basis points when the Fed meets in two weeks. Unless things change or economic data – such as Friday’s monthly jobs report for November – defies expectations, the Fed’s slow but steady shift downward on interest rates is likely to continue.

St. Louis Federal Reserve President Alberto Musalem said on Wednesday he expects the U.S. central bank will be able to continue to cut interest rates but isn't ready to say what he thinks should happen at its policy meeting later this month.

The U.S. expanded steadily in November, but hiring was subdued and inflation was still a nagging problem in some parts of the economy, a new Federal Reserve survey found.

Economic activity increased slightly in November after little change in preceding months, and US businesses grew more upbeat about demand prospects, the Federal Reserve said in its latest Beige Book survey.