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.

The Federal Open Market Committee is most likely to cut interest rates again to 4.25% to 4.5% on December 18 according to fixed income markets.

Markets are still pricing in another cut in interest rates of 25 basis points when the Fed meets in two weeks. Unless things change or economic data – such as Friday’s monthly jobs report for November – defies expectations, the Fed’s slow but steady shift downward on interest rates is likely to continue.