Federal Reserve officials in December signaled concerns over president-elect Donald Trump’s policies potentially stoking inflation, contributing to a more-cautious approach to interest-rate cuts this year and even a pause this month.

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.