Federal Reserve Governor Michelle Bowman said Thursday she supported the recent interest rate cuts but said the December reduction should be the "final step" in the easing process. Even with the full percentage points of cuts from September through December,

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.

Fed releases minutes from its December meeting, where its policymakers signaled a slower pace of interest-rate cuts in 2025.