If year-on-year total and core CPI consumer inflation rates accelerate, financial markets risk turbulence as investors’ 2025 interest rate cut expectations fall further.

"Inflation is stuck above target and risks are skewed to the upside. Economic activity is robust. We see little reason for additional easing."

Minutes suggest that Fed policymakers were already returning to the data-dependent mindset in the face of the incoming Trump administration. Now investors can only wait and hope.