U.S. inflation data in the coming week could test the nerves of stock investors and further inflame worries about rising Treasury yields and uncertainty over Donald Trump's policy plans. After back-to-back standout years,

The effects of potential changes in trade and immigration policy suggested” restoring 2% inflation “could take longer than previously anticipated,” according to the Fed minutes released Wednesday.

Participants for the most part favored slowing the pace of rate cuts, after approving a 0.25% reduction last month, the third of the year and which, combined, brought interest rates down 1%. The Federal Reserve's committee's next meeting is scheduled for Jan. 28-29.

Minutes from the most recent meeting of Federal Reserve policymakers showed uncertainty about the impact of President-elect Trump's immigration and tariff policies on inflation.

Inflation has cooled considerably since peaking in June 2022, but the annual rate remains above the Federal Reserve's goal of 2%. Fed officials and economists expect inflation to stay above the central bank's target level in 2025. Economists say that the tariffs that President-elect Donald Trump has pledged to implement could drive up prices.

To summarize, the Federal Reserve has already lowered by 50% the number of anticipated interest rate cuts in 2025. It was four in September, but that number dropped to two at the December meeting. Policymakers may revise that number lower if their economic projections once again prove incorrect.

Bitcoin is down Wednesday, but didn't move much after the Federal Reserve hinted it would be slow to cut interest rates this year.

These are today's mortgage and refinance rates. Mortgage rates are flat, but incoming job market and inflation data could push them up or down.

The Federal Reserve concluded 2024 with a quarter-point interest rate cut, bringing the target federal funds rate down to a range of 4.25% to 4.50%. "As widely expected, the Fed cut the federal funds rate a quarter percent at the December 18 decision,