The Fed wants to see "further progress on inflation" before deciding to cut interest rates again, according to meeting notes. Citing rising inflationary pressures, the Fed held interest rates steady at a range of 4.25% -4.5% at its last meeting, and markets do not expect a rate cut at the March meeting either. According to meeting notes, the committee agreed that "the Fed has sufficient time to assess the changing outlook for economic activity, the labor market, and inflation". Many economists and market strategists are concerned that tariffs and tighter immigration policies could increase inflationary pressures, potentially offsetting the positive effects of lower taxes and deregulation. The Fed has previously indicated that it is in no hurry to cut rates further because of persistently high inflation. Inflation has fallen from its post-epidemic highs but remains stubbornly above the Fed's ideal level. Consumer prices, for example, rose 3 per cent year on year in January, the fastest pace in seven months and above the Fed's 2 per cent target.