With inflation still elevated, Federal Reserve officials expressed caution at their last meeting about cutting interest rates too quickly, adding to uncertainty about their next moves. Even if inflation continued declining to the Fed's 2% target,

Federal Reserve officials discussed potentially slowing down or pausing interest-rate cuts if progress on lowering inflation stalled out when they met earlier this month. Officials thought that if the economy performed in line with their expectations that inflation would continue to decline steadily,

Several policymakers said they were less worried about an economic slowdown than they had been in September, when the Fed kicked off its rate-cutting cycle.

Inflation remains above target and is expected to increase over the coming months as supply constraints persist.

The Bank of Israel left interest rates unchanged for the seventh straight meeting on Monday, saying inflation remains high but that military conflicts are keeping economic growth weak.

Israel left interest rates unchanged as it weighs a war-related economic slowdown and quickening inflation. The Bank of Israel held its base rate at 4.5% on Monday, in line with the estimates of all economists surveyed by Bloomberg.