Some economists are now contemplating what was previously unthinkable — and they are focused on the personal-consumption expenditures price index

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.

Federal Reserve officials in December signaled concerns over president-elect Donald Trump’s policies potentially stoking inflation, contributing to a more-cautious approach to interest-rate cuts this year and even a pause this month.