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.

St. Louis Fed President Alberto Musalem said interest rates were at “appropriately restrictive” levels and urged a “patient” approach from the central bank, suggesting that it could be too soon to cut borrowing costs again.

With investors looking toward Friday’s November nonfarm-payrolls report, market participants see the potential that it could be overshadowed by an entirely different set of data: next Wednesday’s consumer-price index for the same month.