Fed Minutes Suggest Rate Hikes Are Over, but Offer No Timetable on Cuts

Federal Reserve officials thought they were probably done raising interest rates when they decided last month to hold rates steady, but minutes of the meeting didn’t show a meaningful debate about when to start lowering rates.

While nearly all officials anticipated policy rates would be lowered this year, they kept the prospect of higher rates on the table at their Dec. 12-13 meeting, according to minutes released Wednesday.