Federal Reserve Officials Expect Interest Rate Cuts on Hold: FOMC Minutes

Policymakers fear that Trump’s tariffs could derail the central bank’s 2 percent inflation target, the minutes show.

Federal Reserve Chairman Jerome Powell testifies before the House Committee on Monetary Policy in Washington on Feb. 12, 2025. Madalina Vasiliu/The Epoch Times

Federal Reserve officials expect that interest rate cuts will be paused until monetary policymakers observe more progress on inflation, according to minutes from the January policy meeting.

Officials shared concerns about the possible effects of the new administration’s economic agenda, particularly tariffs, deregulation, and taxes.