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

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.

The conventional wisdom among economists and traders is that the Federal Reserve is going to cut its benchmark interest rate by another quarter of a percentage point on Dec. 18, and then pause at its first meeting in 2025.

In her first major policy speech, Federal Reserve Bank of Cleveland President Beth Hammack said on Friday she’s keeping her options open when it comes to the central bank’s next policy meeting, as broader economic conditions continue to argue for a slowdown in the pace of rate cuts.

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.

Cleveland Fed President Beth Hammack favors taking a slow pace in adjusting the Federal Reserve's policy rate, she said Friday at the City Club of Cleveland, according to prepared text. The strength of the economy leads her to support a slower pace of rate cuts than she had expected in September when Fed officials last submitted their economic

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 warned the pace of future actions has grown less clear.