Federal Reserve officials are planning to lower interest rates gradually. They think inflation is coming down and the job market is doing well. This means they can afford to cut rates slowly. The meeting notes said that if things stay as expected, with inflation going down and jobs staying strong, rates can be moved toward a more balanced stance over time.

The officials voted unanimously to drop the main borrowing rate by a tiny bit, to between 4. 5% and 4. 75%. People in the market think the Fed might cut rates again in December, but they're not as sure as before. They're worried that the new president's plans for taxes and trade could make inflation go up again.

The meeting happened just after the presidential election. The notes didn't mention the election much, except that the stock market was a bit jumpy before the results and calmed down after. The officials also didn't talk about how the new president's plans might affect the economy, even though those plans could be big.

They did say they're not sure how things are changing or where to stop cutting rates before they reach a neutral point. A neutral rate is one that doesn't push the economy to grow faster or slower.

Officials spent a lot of the meeting talking about how inflation is going down and the economy is stable. They think that things like rent increases will slow down, which will help pull inflation down too. They also think businesses are losing some of their power to raise prices, and that people's expectations for long-term inflation are staying steady.

About jobs, they think things are generally good. They said there's no sign of a sudden downturn, like lots of layoffs.

Fed to Cut Rates Slowly: Inflation Easing, Job Market Strong

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