Key Takeaways Federal Reserve officials are widely expected to cut the central bank's key interest rate next week even as some measures of inflation are still well above the Fed's goal of a 2% annual rate.

The market sees the probability of another 25 basis point interest rate cut at next week's Federal Reserve meeting as rising despite inflation ticking higher in November.

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