The minutes of the Fed's December meeting have been released, and the good news is that there are no surprises:

• Fed officials at the December meeting expressed concerns about inflation and the impact that the policies of President-elect Donald Trump could have on efforts to reduce inflation.

• Fed officials stated that they would proceed with interest rate cuts more slowly due to uncertainty.

• The minutes mention at least four times the impact that changes in immigration and trade policy could have on the U.S. economy.