The effects of potential changes in trade and immigration policy suggested” restoring 2% inflation “could take longer than previously anticipated,” according to the Fed minutes released Wednesday.

President-elect Trump says interest rates are far too high, but his own economic agenda might play a key role in keeping them elevated for longer. Why it matters: Fed chair Jerome Powell has been hesitant to directly comment on the incoming administration's policies,

A top policymaker at the U.S. Federal Reserve said Wednesday that he still supports cutting interest rates this year, despite elevated inflation and the prospect of widespread tariffs under the incoming Trump administration.