Fed releases minutes from its December meeting, where its policymakers signaled a slower pace of interest-rate cuts in 2025.

A top policymaker at the US Federal Reserve says that he still supports reducing interest rates this year, despite elevated inflation and the prospect of widespread tariffs

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 central bank cut rates last month but saw risks of somewhat firmer price pressures this year due to potential tariff increases by President-elect Trump.

Federal Reserve officials at their meeting Dec. 17-18 expected to dial back the pace of interest rate cuts this year in the face of persistently elevated inflation and the threat of widespread tariffs and other potential policy changes.