St. Louis Fed President Alberto Musalem said by the time of last month’s meeting the risk that inflation might get stuck between 2.5% and 3% had increased. As a result, he thoug

The U.S. job market again defied an anticipated slowdown, with firms adding more than a quarter of a million jobs in the last full month of Joe Biden's presidency and leaving Federal Reserve policymakers to puzzle over the need for more interest rate cuts in a strong economy.

But minutes from their December meeting suggest that the decision was a close call — and that there is no guarantee policymakers will lower rates again anytime soon. The minutes of the central bank’s Dec.