The Federal Reserve cut its influential interest rate for the second meeting in a row last week to boost the economy and prevent a rise in unemployment, but it may take a while for consumers to see its effects.

Strong U.S. economic and inflation data continue to reshape the debate among Federal Reserve policymakers over the pace and extent of interest rate cuts as investors on Friday further downgraded their expectations for a rate reduction at the central bank's December meeting.

Fed watchers see a greater chance the central bank may skip a rate cut at its last meeting of the year in December.