Some economists are now contemplating what was previously unthinkable — and they are focused on the personal-consumption expenditures price index

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.

Having delivered a percentage point of interest-rate cuts in the closing months of last year, Federal Reserve officials are entering 2025 with open minds. Policy has been “recalibrated” for the curren