"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.

Powell just a week after the meeting said the economy was "not sending any signals that we need to be in a hurry to lower rates."

The account of the central bank’s Nov. 6-7 meeting, released on Tuesday, showed that Fed officials still planned to cut interest rates further. But with the job market holding up better than expected and the economy growing at a solid clip, they are in no rush to slash them rapidly.

The central bank’s target rates and its much-publicized recent rate cuts don’t directly set long-term mortgage and business loan rates. It’s not unheard