Federal Reserve officials agreed that inflation is likely to continue to slow this year, but also saw a heightened risk of persistent price pressures as policymakers begin to deal with the effects of the incoming Trump administration's policies, according to the Fed's December meeting notes. Participants expected inflation to continue to move toward 2 percent, although they noted that recent higher-than-expected inflation data, as well as the impact of potential changes in trade and immigration policies, suggested the process could take longer than previously expected, the meeting notes noted. Some participants noted that the disinflationary process may have stalled temporarily, or pointed to possible risks. The FOMC's decision to cut rates in December was described by meeting notes as a "delicate balancing act," with some participants noting that not lowering borrowing costs was desirable given what some saw as stagnant progress in reducing inflation.