Powell just a week after the meeting said the economy was "not sending any signals that we need to be in a hurry to lower rates."

Despite inflation in some sectors remaining outside the Federal Reserve's benchmark of 2%, officials indicated they are pleased with the current easing of interest rates, and more gradual cuts may follow.

Federal Reserve officials appeared divided at their meeting earlier this month over how much farther they may need to cut interest rates, but as a group agreed to avoid giving much guidance from here on about how U.