Federal Reserve officials in December signaled concerns over president-elect Donald Trump’s policies potentially stoking inflation, contributing to a more-cautious approach to interest-rate cuts this year and even a pause this month.

Policymakers emphasized that policy is not on a preset path, and will need to evolve in response to the data and enacted policies of the new administration.

The Federal Open Market Committee is highly likely to hold interest rates at their current level at their next meeting, but cuts later in 2025 remain on the table.