The Fed wants more progress on inflation before cutting interest rates — and stocks are stuck in place

U.S. stocks were little changed after minutes from the January meeting of the Federal Reserve’s interest-rate setting committee indicated that the central bank’s officials aren’t in a hurry to further cut borrowing costs.

“Participants indicated that, provided the economy remained near maximum employment, they would want to see further progress on inflation before making additional adjustments to the target range for the federal funds rate,” according to the minutes.

The S&P 500 and Nasdaq Composite remained flat after the minutes were released at 2 p.m. EST. President Donald Trump’s threat of new 25% tariffs on autos, drugs, and semiconductors also kept a lid on equities on increased concerns about a potential trade war.

Intel (INTC) shares tumbled, giving up some recent gains driven by reports of possible deals. Specialty chemicals maker Celanese (CE) plummeted after it warned that its business slowdown would continue into the current quarter, Investopedia reported. Super Micro (SMCI) extended its rally into a fifth day.