Federal Reserve policy-makers are looking for “substantially more evidence” of slower price increases before they can be confident inflation is falling.

Officials welcomed recent declines in inflation, minutes of the December 13–14 meeting of the Federal Open Market Committee show. The FOMC voted for a 50 basis point rate increase at that meeting, down from the 75bp hikes it approved in preceding meetings.

But committee members also highlighted the “very tight” labour market, the minutes show