Some economists are now contemplating what was previously unthinkable — and they are focused on the personal-consumption expenditures price index

The Fed is likely done cutting rates amid robust economic activity and can now eye a hike if core PCE or long-term inflation expectations rise, BofA says.

But minutes from their December meeting suggest that the decision was a close call — and that there is no guarantee policymakers will lower rates again anytime soon. The minutes of the central bank’s Dec.