Federal Reserve's December meeting minutes show that officials unanimously believe inflation may continue to slow this year, but also recognize that as policymakers begin to respond to the impacts of the incoming Trump administration's policies, the risks of persistent price pressures are increasing. The minutes noted that participants expect inflation to continue to converge towards 2%, although they pointed out that recent inflation data has exceeded expectations and the potential effects of changes in trade and immigration policies suggest that this process may take longer than previously anticipated. Some participants indicated that the anti-inflation process may have temporarily stalled, or highlighted potential risks. The minutes state that the FOMC's decision on the rate cut in December was a "delicate balance," and some participants indicated that, given the belief that progress in reducing inflation has stalled, not lowering borrowing costs is advisable.