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.

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.

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.