With a Federal Reserve meeting coming up later this month, officials are preparing for debate over whether it's time to reduce interest rates again, with some wanting to see more data before committing to another cut.

A top Federal Reserve official says he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but that evidence of persistent inflation before then could cause him to change that view.

With investors looking toward Friday’s November nonfarm-payrolls report, market participants see the potential that it could be overshadowed by an entirely different set of data: next Wednesday’s consumer-price index for the same month.