Is the Federal Reserve likely to cut interest rates in December? Here's what economists say.

Just a few weeks ago, a December interest rate cut was viewed as practically a done deal by many economists. Now, with fresh government data showing solid U.S. job growth in September , many forecasters think the Federal Reserve is likely to hold off lowering borrowing costs when policy makers meet next month.

The probability of a Federal Reserve rate cut now stands at 22%, down from a likelihood of 97% as of mid-October, according to economists polled by financial data company FactSet. CME Fedwatch, a tool that forecasts rate cuts based on changes in the 30-Day Fed Funds futures prices, gives slightly better odds of a reduction, at about 41% .

Translation: Wall Street economists and traders alike expect the Fed to leave rates unchanged at its next two-day meeting on Dec. 9-10. Th