US Fed officials expected slower rate cuts in 2025, say December minutes

United States Federal Reserve officials at their meeting December 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.

Minutes from the meeting, released on Wednesday after the typical three-week lag, also showed clear division among the Fed’s 19 policymakers. Some expressed support for keeping the central bank’s key rate unchanged, the minutes said. And a majority of the officials said the decision to cut rates was a close call.

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