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

Federal Reserve officials at their meeting Dec. 17-18 expected to dial back the pace of interest rate cuts this year in the face of persistently elevated inflation and the threat of widespread tariffs and other potential policy changes.

Policymakers emphasized that policy is not on a preset path, and will need to evolve in response to the data and enacted policies of the new administration.

Federal Reserve policymakers were in favor of slowing the pace of rate cuts on concerns about stalling disinflation, according to the minutes of the Federal Reserve’s Dec. 17-18 meeting released Wednesday.