Though the Fed had initially anticipated frequent rate cuts through 2025 and even 2026, it readjusted its projections in December. Powell noted that caution will be used going for

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.

The Fed is expected to cut interest rates in 2025, perhaps two or three times, with greater uncertainty for the second half of the year.