"Inflation is stuck above target and risks are skewed to the upside. Economic activity is robust. We see little reason for additional easing."

The U.S. job market again defied an anticipated slowdown, with firms adding more than a quarter of a million jobs in the last full month of Joe Biden's presidency and leaving Federal Reserve policymakers to puzzle over the need for more interest rate cuts in a strong economy.

But minutes from their December meeting suggest that the decision was a close call — and that there is no guarantee policymakers will lower rates again anytime soon. The minutes of the central bank’s Dec.