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Fed rate hikes are on hold for now, but some think inflation and the soft job market will lead to cuts in the near future.

In recent weeks, sales of discretionary items and durable goods, like furniture and appliances, have declined.

Upward revisions to third-quarter numbers for business investment and government spending show that the U.S. economy grew even faster than originally estimated. Gross domestic product (GDP) rose at an upwardly revised 5.2 percent annualized pace in the third quarter, the fastest in nearly two years. Consumer spending advanced at a less-robust 3.6 percent rate, according to the government's second estimate of the figures issued today.

The ERISA Industry Committee, which represents the largest employers in the U.S., is calling on Congress to re-examine the premiums paid by companies that sponsor defined-benefit plans.

In a report released earlier this month, the agency revealed it recovered $4.9 billion in overpayments but still has a $23 billion uncollected overpayment balance, despite repeated attempts to contact beneficiaries.

The central bank plans to move carefully, addressing both the risk of being misled by a few good months of data and the risk of overtightening.