Federal Reserve officials debated the staying power of inflation at the central bank’s December meeting, with a range of views on where interest rates could settle in 2025. Policymakers emphasized that policy is not on a preset path and will need to evolve in response to both economic data and the new administration’s policies.

The central bank cut rates last month but saw risks of somewhat firmer price pressures this year due to potential tariff increases by President-elect Trump.

Almost all” Fed officials judged that the upside risks to inflation had increased, according to minutes of the Fed’s December meeting released Wednesday.