U.S. central bank governor pegs decision on strength of labour market
Prices rose 0.4% in December, up from 0.2% the previous month
The minutes underscored the deeply divided nature of the committee
Inflation fell to 2.4% in January relative to one year earlier — it's down from 2.7% in December
Lower-income households have lost ground since 2023
If confirmed by the Senate, he'll replace Jerome Powell as chair in May
Two officials dissented from the decision, preferring a cut
Central bank under pressure to show objectivity amid political, legal attacks
Figures point to a mostly strong economy with inflation still elevated
Core prices increased 2.6% from a year earlier, above Fed's target