The Federal Reserve's December meeting minutes indicate that interest rates are likely at or near the cycle's peak, with the current rate at 5.25%-5.5%. The Fed acknowledges a slowdown in economic growth and a moderation in job gains, while inflation remains uneven with core services prices still high. The Fed's policy remains data-dependent, with a potential for lower rates by the end of 2024. Market reaction to the minutes was mixed, with a slight dip in the U.S. dollar index and Treasury yields, and a brief surge in the S&P 500 before retreating. The Invesco QQQ Trust (NASDAQ:QQQ) was 1% lower.