The market’s expectations for the Federal Reserve’s next move on interest rates held steady after the publication of minutes from the Federal Open Market Committee's January meeting. Traders are still expecting an extended pause on rate cuts with the next quarter-point reduction coming in July,

Key Takeaways The Federal Reserve's policy committee is firmly in 'wait and see' mode as inflation has stayed high and President Donald Trump has yet to finalize important economic policies, the most recent meeting minutes show.

The Fed, citing elevated inflation pressures, held short-term interest rates steady at a range of 4.25% to 4.5% at its January meeting.