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,

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

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.

"Unemployment is going to come down, growth is going to come up, inflation is going to come up," Deutsche Bank's chief US economist said.

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.

With car prices and loan rates high, buyers hope Fed rate cuts will lower car loan payments, easing financial strain.

Friday's jobs report virtually cements that the Federal Reserve will approve an interest rate cut when it meets later this month.

The Federal Reserve will almost certainly slash interest rates at its December meeting. Friday’s jobs report sealed the deal, offering the Fed enough breathing room to act without looking reckless. Nonfarm payrolls rose by 227,

Markets widely anticipate the Federal Reserve to cut US interest rates later this month, with officials' concerns on inflation expected to affect the pace of reducing policy next year. Recent rate-cut optimism stems from Friday's US unemployment report,

CNBC's Steve Liesman joins 'Squawk on the Street' to break down the November jobs report.