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Richmond Fed president Tom Barkin said Friday that he expects inflation will continue to drop into next year and hinted at slowing down the pace of rate cuts.

"I think we are going to be looking at rates coming down over the next year along the line the dot-plot said," Goolsbee told Bloomberg TV, referring to Fed projections released in September that depict the rate-path forecasts of the Fed's 19 policymakers as dots on a chart. The median view of that dot plot was for the Fed policy rate to end this year at 4.4%, a quarter of a percentage point below where it is today, and to be 3.4% by the end of next year.

Wood said Musk understands the world is at “the threshold of a convergence among many technologies."

WASHINGTON (Reuters) -U.S. retail sales increased slightly more than expected in October as households boosted purchases of motor vehicles and electronic goods, suggesting the economy kicked off the fourth quarter on a strong note. The fairly upbeat sales report on Friday, which was accompanied by sharp upward revisions to September's data, together with news of a rebound in import prices last month, prompted traders to pare back expectations that the Federal Reserve would cut interest rates in December. Fed Chair Jerome Powell said on Thursday "the economy is not sending any signals that we need to be in a hurry to lower rates."

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Strong U.S. economic and inflation data on Friday continued reshaping the debate among Federal Reserve policymakers over the pace and extent of interest rate cuts as investors further downgraded their expectations for a rate reduction at the central bank's December meeting. In the latest round of comments on U.S. monetary policy, Fed officials continued to express faith that inflation was coming under control and would allow the central bank to lower its benchmark rate over time from the current 4.5% to 4.75% range, a level felt to discourage spending and investment, to a more neutral setting. But how fast that happens, and what level represents "neutral," remain under debate, with Fed Chair Jerome Powell on Thursday saying the economy's continued strength meant the Fed could take its time with the discussion.

Federal Reserve Bank of Boston President Susan Collins said Friday she wants to see more data before deciding whether the central bank should cut rates again at its policy meeting next month. Markets are questioning whether the Fed will press forward with rate cuts at its next meeting in the wake of some new data pointing to firmer inflation pressures. This comes also at a time when Donald Trump has been elected president again on an economic platform of trade tariffs and mass deportations, which broad swathes of economists expect will reignite inflation.