Fed Minutes Suggest Caution About Further Cuts Early Next Year

When the Federal Reserve met to cut interest rates this month, some officials said they were reluctant to support more easing in the near future, according to minutes of the meeting published Tuesday—a sign that further cuts could face resistance at the next meeting in January.

The written record of the Fed's December meeting, released after the customary three-week delay, showed that most members of the Fed's policy committee thought that rates could eventually fall further if inflation declines. The Fed cut rates at three straight meetings to end 2025 as it sought to cushion a weaker labor market...