02:37 PM EST, 02/19/2025 (MT Newswires) -- Minutes of the Jan. 28-29 FOMC meeting showed that participants believed they were 'well positioned' to pause rate reductions given the uncertainty of the fiscal policy outlook and still elevated inflation.

The minute said that the FOMC would like to see further progress on inflation before considering further rate reductions, particularly given the uncertainty surrounding fiscal policy decisions. The data since the meeting have provided much assurance that inflation is slowing, and in fact have shown an acceleration in consumer price gains.

Recent comments of note:

(Feb. 18) San Francisco Fed President Mary Daly (nonvoter) said that monetary policy should not be eased further until there is additional progress on reducing inflation.

(Feb. 17) Fed Governor Michelle Bowman (voter) said that she would like to see more progress on inflation before considering further rate reduction, citing greater risks to price stability as the labor market remains strong.

(Feb. 17) Fed Governor Christopher Waller (voter) said that tariffs should have only a modest impact on prices, and only a temporary impact in any cases, so those effects should not impede the FOMC from making monetary policy decisions.

(Feb. 17) Philadelphia Fed President Patrick Harker (nonvoter) said that inflation remains elevated, but that it is moving in the correct direction and that, combined with a balanced labor market, suggests that the FOMC should hold rates steady.