The Fed released its latest round of minutes today, announcing that job market conditions in the US remain restricted in December, as reflected by the unemployment rate reaching a historic low, tumbling back down to 3.5% in December.

As expected, the Fed also said the percentage change in the price index for personal consumption expenditures (PCE) over the course of 12 months indicated a decline in consumer price inflation during November and December. However, despite the downward trend, the inflation level remained high, at 5% in December, the minutes showed.