And there’s much higher risk of a 2022-like, policy-related stock market pullback than many are bracing for, according to the chief economist of asset manager Apollo.

Federal Reserve officials have been signaling that further interest rate cuts are on hold for now given slowed progress on inflation and a still-strong U.S. economy, but minutes from the central bank's December meeting may show just how deeply that sentiment is shared among policymakers facing a newly uncertain economic environment under the incoming Trump administration.

Federal Reserve Governor Christopher Waller said Wednesday that he doesn’t think that proposed import tariffs from the incoming Trump administration will lead to upward pressure on inflation.