By Howard Schneider and Ann Saphir CHICAGO/PALO ALTO, California (Reuters) - Federal Reserve officials appear on track to cut interest rates this month after data showed the U.S. labor market remained strong but continued to cool in November,

These are today's mortgage and refinance rates. Mortgage rates are down this month, and they should drop further next year as the Fed lowers rates.

For many investors, Friday's jobs report confirmed expectations that the Federal Reserve is on track to cut interest rates

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 warned the pace of future actions has grown less clear.

Federal Reserve Bank of St. Louis President Alberto Musalem said it may be time for policymakers to slow the pace of interest-rate cuts amid higher than desired inflation and declining concerns over the labor market.

Consumer inflation accelerated in October 2024. However, the odds of a Federal Reserve interest rate cut on December 18 are still high.

Inflation, economic growth and the labor market have remained stronger than Hammack and her colleagues expected in September, the Fed official said.

In her first major policy speech, Federal Reserve Bank of Cleveland President Beth Hammack said on Friday she’s keeping her options open when it comes to the central bank’s next policy meeting, as broader economic conditions continue to argue for a slowdown in the pace of rate cuts.

Federal Reserve Bank of Cleveland President Beth Hammack said policymakers are “at or near” the point where the central bank should slow the pace of interest-rate reductions, citing a strong economy and still-elevated inflation.

Federal Reserve Bank of Cleveland President Beth Hammack said policymakers are "at or near the point where it makes sense to slow the pace of rate reductions," citing a strong economy and still-elevated inflation.