The rate of inflation rose in October and moved further away from the Federal Reserve’s 2% goal, confirming a recent uptick in prices that could cajole the central bank into cutting interest rates less aggressively.

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."

The Federal Reserve cut interest rates at its last two meetings–and the odds are shifting in favor of it making it a hat-trick next month. Traders think there's a 67% chance the central bank slashes borrowing costs by 25 basis points and just a 33% chance it stands pat on Dec.