The market’s expectations for the Federal Reserve’s next move on interest rates held steady after the publication of minutes from the Federal Open Market Committee's January meeting. Traders are still expecting an extended pause on rate cuts with the next quarter-point reduction coming in July,

Hot inflation data for January was adding to concerns about how much more room the Federal Reserve might have to cut interest rates this year. This chart shows the retreat in expectations for lower rates from last year,

Officials are debating when to restart interest rate cuts, as high prices linger and Trump’s policies add to economic uncertainty.