Economic indicators

The U.S. trade deficit narrowed to $47.2 billion in October, the smallest shortfall since May 2018.

Wednesday's ADP employment number and the ISM's non-manufacturing index missed forecasts, raising the possibility a rate cut will be discussed if Friday's jobs report also disappoints.

The economy is in a different place than it was entering 2019, when the Federal Reserve was in a tightening cycle, yield curves were inverting, and the markets expected a recession.

The manufacturing sector and construction spending came in weaker than expected, though probably not bad enough for the Federal Reserve to care.

A smaller decline in business investment and continued consumer spending suggest the economy will continue to grow at a moderate pace.

Federal Reserve Board Gov. Lael Brainard presented her alternative to quantitative asset purchases.

Analysts are not convinced the Fed's mid-cycle adjustment will deliver the elusive soft landing.

Most observers were skeptical, even as markets rallied after President Trump said a trade deal with China is close.

In the late stages of the longest economic expansion since World War II, the current cycle is uncharted territory, according to a report from RBC Wealth Management.

The minutes of the most recent Federal Open Market Committee meeting may offer perspective on the holding pattern for rates.