The Federal Reserve's December meeting minutes reveal that the U.S. GDP has grown moderately this year, with a cooling labor market and wage growth comparable to last year. While economic activity in the third quarter was robust, the average growth rate for the first three quarters remained moderate, falling short of previous expectations for 2024. A government shutdown is anticipated to negatively impact short-term GDP. Looking ahead, Fed staff project that economic growth will slightly exceed potential levels post-2025 as financial conditions improve and tariff impacts diminish. The unemployment rate is expected to gradually decline, and inflation, after facing short-term pressures, is projected to return to 2% by 2028. However, overall uncertainty remains high, with inflation risks skewed to the upside and labor market risks to the downside.