According to January FOMC minutes, most officials saw slower disinflation, while two dissented for a 25 bps cut; subsequent data show faster growth, easing inflation, and a stable labor market.
January FOMC minutes indicate most officials judged disinflation progress as slower, while some said they would favor rate cuts if inflation declines as expected. The committee kept policy rates unchanged in a 10–2 vote, with dissenters supporting a 25 bps reduction. Since the meeting, data have pointed to accelerating growth, easing inflation, and a steady labor market, suggesting conditions may be forming for eventual policy easing, though the majority remains cautious.