The central bank cut rates last month but saw risks of somewhat firmer price pressures this year due to potential tariff increases by President-elect Trump.

Almost all” Fed officials judged that the upside risks to inflation had increased, according to minutes of the Fed’s December meeting released Wednesday.

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.