Almost all” Fed officials judged that the upside risks to inflation had increased, according to minutes of the Fed’s December meeting released Wednesday.

Federal Reserve officials at their December meeting expressed concern about inflation and the impact that President-elect Donald Trump's policies could have, indicating that they would be moving more slowly on interest rate cuts because of the uncertainty,

Almost all members of the Federal Reserve's monetary policy committee determined last month that upside risks to their inflation expectations had increased due to strong price growth data and potential changes in trade and immigration policies,