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.

The Federal Open Market Committee is most likely to cut interest rates again to 4.25% to 4.5% on December 18 according to fixed income markets.

Private-sector hiring continues to slow, but workers are finding pay increases for remaining in their current positions.