New Delhi, Oct. 31 -- The U.S. Federal Reserve's decision to cut the policy rate by 25 basis points in its latest Federal Open Market Committee (FOMC) meeting has slightly reduced the odds of another rate cut in December, according to a report by ICICI Bank.

The report said the decision to cut rates further could be a close call.

The report noted that, "Given Powell's guidance and the fact that there could be delays in official economic indicators, particularly on the labour market, we think that the odds for a 25bps cut in December has reduced by a degree and the decision to cut the policy rate could be a close call."

In the latest policy decision, the FOMC lowered the policy rate by 25 basis points on expected lines, bringing the fed...