Federal Reserve Governor Michelle Bowman said Thursday she supported the recent interest rate cuts but said the December reduction should be the "final step" in the easing process. Even with the full percentage points of cuts from September through December,

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.

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.