Philadelphia Federal Reserve President Patrick Harker said on Thursday he still expects the U.S. central bank to cut interest rates but added that the policy path is clouded by considerable economic uncertainty.

But minutes from their December meeting suggest that the decision was a close call — and that there is no guarantee policymakers will lower rates again anytime soon. The minutes of the central bank’s Dec.

Federal Reserve Governor Christopher Waller expects that inflation will continue to make progress toward the central bank's 2% goal over the medium term and that further rate cuts will be appropriate,