Meeting minutes may seem like an obligatory duty, resulting in a dry document that’s sent around and then stored somewhere in the cloud, never to be heard from again.

An icon in the shape of a lightning bolt. ... Fed's staff economists flagged the potential for a "recession" within the next year at both the November and December meetings in 2022, the minutes show.

Meeting minutes released Wednesday bolstered confidence that an interest rate cut is likely in September, but it’s still unclear how many members of the Federal Reserve will support the decision.

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.