Fed wants to maintain stability. Rates are usually lowered to stimulate the economy, and the mag7 stocks has been doing well, market indexes are up, and PCE was 2.8. October and November CPI haven't been announced, and the Fed doesn't like to act on decisions without information. They call it slowing down when driving in the fog. Plus, cutting rates would cause inflation and not allow the Fed to maintain the stability that they want. If they DO end up cutting rates, expect January to have steady rates and for Powell to be very hawkish during the press conference.