Chairman Powell adds that he wouldn't resign if asked by Trump.

Federal Reserve Chair Jerome Powell received some pushback on the half-point interest rate cut in September, as some officials preferred a smaller,…

If officials could know with confidence where the neutral rate of interest lay, they could just move there and declare victory. But it's not that simple.

"The vast majority observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting."

"The predominant risk at this point is that the softening in the labor market gains momentum and the economy tips into an unnecessary and unwanted recession."

Even if economic indicators continue to recommend a rate reduction, central bankers won't want to spark a sense of panic in the markets.

Although U.S. interest rates are sitting at 23-year highs, the pockets of pain they are causing are nothing like the systemic problems that so often wrecked expansions in the past.

FOMC officials believe interest rate policy is "well-positioned" but mentioned a willingness to tighten further if warranted.