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,

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,

Key Takeaways The Federal Reserve's policy committee is firmly in 'wait and see' mode as inflation has stayed high and President Donald Trump has yet to finalize important economic policies, the most recent meeting minutes show.