Minutes from the most recent meeting of Federal Reserve policymakers showed uncertainty about the impact of President-elect Trump's immigration and tariff policies on inflation.

Policymakers emphasized that policy is not on a preset path, and will need to evolve in response to the data and enacted policies of the new administration.

Federal Reserve governor Christopher Waller said he doesn’t think that proposed import tariffs from the incoming Trump administration will lead to upward pressure on inflation.

U.S. stocks ended little changed on Wednesday in a session they struggled for a clear direction, as investors digested the impact of two conflicting sets of jobs data and a report that said President-elect Donald Trump was mulling a national economic emergency declaration on inflation.

The S&P 500 and the Dow Jones Industrial Average were down Wednesday morning while the Nasdaq composite was slightly up.

Wall Street pointed modestly lower Wednesday as markets remain anxious about lingering inflation and the potential for fewer interest rate cuts by the Federal Reserve. Futures for the S&P 500 and the Dow Jones Industrial Average were both down about 0.

China’s consumer inflation weakened further, nearing zero, with a 0.1% Y/Y rise marked in December, compared to 0.2% in the previous month, aligning with market estimates and marking the lowest print since March.

China's consumer inflation slowed in December, leading to modest annual price gains for 2024 while factory-gate deflation extended into a second year, amid sputtering economic demand. A combination of job insecurity,

China’s consumer inflation weakened further toward zero, decelerating for a fourth straight month in a setback for government efforts to stamp out deflation and revive demand with economic stimulus.