Minutes suggest that Fed policymakers were already returning to the data-dependent mindset in the face of the incoming Trump administration. Now investors can only wait and hope.

Before the strong December jobs report was released, the odds were already low for an interest rate cut in the next Federal Reserve decision on January 29.

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.