Wait-and-see was the theme of the December 13 and 14 FOMC meeting as members expressed caution in evaluating the outlook given uncertainty on how federal spending, tax, and regulatory policies would unfold under the incoming Trump administration. But policy makers did see upside risks to the economic outlook, reflected in new forecast assumptions among about half the members for greater fiscal stimulus. And many of the 17 participants saw the risk of a sizable undershooting for their unemployment target, one that could in the future trigger a faster-than-expected increase in the federal funds rate. But this was not cited as an urgent concern given that inflation, though improving, still remained below their 2 percent target. With the unemployment rate at a low 4.6 percent, the meeting produced the second rate hike this cycle, a 25 basis point increase to a target range of 0.50 to 0.75 percent.