December's Federal Reserve meeting minutes indicated officials' growing confidence in inflation management. They aimed to convey that interest rates might have reached their peak while remaining open to potential future increases. The notes revealed a deliberate adjustment in the policy statement to reflect the belief that policy was likely at or near its highest point, as inflation eased. The meeting and minutes suggested a shift in the central bank's approach to combat rapid inflation, anticipating a softening of household and business spending to further reduce inflation in the coming years.