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

Philadelphia Federal Reserve President Patrick Harker said on Thursday he still expects the U.S. central bank to cut interest rates but added that the policy path is clouded by considerable economic uncertainty.

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.