US FOMC December Minutes: "Trump's Second Term Administration May Delay Inflation Target Achievement"

On the 8th (local time), according to the minutes of the Federal Open Market Committee (FOMC) meeting in December 2024 released by the Federal Reserve (Fed), the majority of FOMC members supported a 25bp cut in the benchmark interest rate. In contrast, some members supported holding the rate steady due to ongoing inflation risks. While members expected inflation to approach the target of 2%, they projected that the impact of trade and immigration policies under Trump's second-term administration might delay reaching the target longer than anticipated. Additionally, they noted that if future data aligns with expectations, they plan to pursue more neutral policies.