Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy   The Big Story  Fed frets about impact of Trump policies on inflation Central bank officials expressed uncertainty around the timing and potential impact of trade, immigration and regulatory policies on the economy a little over a month before President-elect Trump's inauguration. © Jason Goode As such, Fed officials expect to move more slowly on future interest rate cuts, according to December meeting minutes released Wednesday.   “Almost all participants judged that upside risks to the inflation outlook had increased,” the minutes said.   “As reasons for this judgment, participants cited recent stronger-than-expected readings on inflation and the likely effects of potential changes in trade and immigration policy.” The meeting minutes did not name Trump, but his proposals to tax all imports and crack down on immigration could shake up the U.S. economy — if and when they happen.   The contours of Trump's agenda on tariffs, immigration and deregulation remain blurry, clouding the path forward for the Federal Reserve, which is still hoping to see inflation fall further.   "Given the elevated uncertainty regarding specifics about the scope and timing of potential changes to trade, immigration, fiscal, and regulatory policies and their potential effects on the economy, the staff highlighted the difficulty of selecting and assessing the importance of such factors for the baseline projection and featured a number of alternative scenarios," the minutes said.   The Federal Open Market Committee, the panel of central bank officials responsible for setting monetary policy, voted in December to reduce interest rates to a range of 4.25 to 4.5 percent.   But as inflation remains above 2 percent, the Fed's target, central bank officials pulled back their rate cut projections in 2025 from four at the September meeting to two in December.   Traders anticipate the Fed will hold rate steady following its first meeting of the year at the end of January, according to the CME FedWatch tool, and a majority don't expect another rate cut until June.   Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:   UnitedHealth shareholders demand review of policies that ‘delayed or denied’ health care access Shareholders of UnitedHealth Group (UHG) are calling on the company’s board of directors to release a report on how its policy of limiting or delaying access to health care may be impacting the company’s brand and the economy overall.  Full Story   United flight clipped by another jet at Chicago’s O’Hare airport A United Airlines jet was clipped by another jet while they were taxiing at Chicago O’Hare International Airport, the Federal Aviation Administration (FAA) said Wednesday.  Full Story   Export-Import Bank launches initiative to counter China’s mineral dominance The federal government is launching an initiative to support foreign minerals projects that exclude China as part of an effort to bolster U.S. supply chains.  Full Story   Fed’s Waller sees cooler inflation despite higher forecasts Federal Reserve Governor Christopher Waller doubled down on more rate cuts and cooling inflation following higher price projections from the central bank and growing expectations among investors that the Fed may not do much cutting at all this year.  Full Story   COMING UP The Hill's Evening Report breaks down the day's big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox     The Ticker  Upcoming news themes and events we're watching: The jobs report for December drops Friday morning at 8:30 a.m. ET. President-elect Trump is convening Republicans Saturday at Mar-a-Lago to negotiate state and local tax (SALT) deductions, a key sticking point in plans to extend his 2017 tax cuts.   In Other News  Branch out with more stories from the day: Meta rolls back hate speech rules as Zuckerberg cites ‘recent elections’ as a catalyst It wasn’t just fact-checking that Meta scrapped from its platforms as it prepares for the second … Full Story   Good to Know  Business and economic news we've flagged from other outlets: S&P 500 ekes out narrow gain as investors shake off Fed’s inflation warning (CNBC) Trump is considering a national economic emergency declaration to allow for new tariff program, sources say (CNN) Ozempic, Legos and Hearing Aids: What Trump’s Greenland Plan Could Hit (The New York Times)   What Others are Reading  Top stories on The Hill right now: Biden’s new Social Security law is official — but implementing it under Trump will be a challenge  On Jan. 5, President Biden signed into law the Social Security Fairness Act, which will provide new or additional Social Security benefits for about 3 million individuals who receive government pensions from jobs not covered by Social Security. Though criticized by liberal, centrist and conservative … Read more Germany warns Trump after Greenland takeover threat German Chancellor Olaf Scholz sent a warning to President-elect Trump over border rules as the incoming president continues his threat of taking over Greenland. Read more     You're all caught up. See you tomorrow!  Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Business and Economy newsletter Subscribe