The Globe and Mail reports in its Thursday, Jan. 4, edition that U.S. Federal Reserve officials in December voiced concerns about how long the economy could hold up under current high interest rates, according to minutes of the Dec. 12-13 meeting. A Reuters dispatch to The Globe reports that Fed chair Jerome Powell had laid out the broad contours of the meeting, saying that the Fed was likely done raising interest rates and expected to begin reducing borrowing costs by the end of 2024. While the minutes did not provide direct clues about when rate cuts might commence, they reflected a growing sense that inflation is under control and growing concern about the risks that "overly restrictive" monetary policy may pose to the economy. The document caps a year that began with the Fed still uncertain about how much harm it might have to inflict on the economy to control inflation and Mr. Powell warning of "pain" to come, but ended with inflation falling faster than anticipated and policy makers becoming increasingly hopeful that they could tame inflation while skirting the recession even staff members thought was sure to come. There is a growing hope a "soft landing" from high inflation is close.