Alongside fears that inflation will not rebound substantially enough to justify further interest rate hikes in the coming quarters was the notion that the strength of the US dollar would hinder positive economic momentum and keep inflation subdued. Robust job creation might be a source of upward pressure on inflation, policymakers are wary of the global disinflationary environment, especially amid the substantial losses in energy prices. While the meeting minutes highlighted that the December decision was indeed a close call, right now, Fed Funds futures are currently pointing to a 45.00% probability of another rate hike in March. Nevertheless, uncertainty surrounding inflation continues to be a sticking point for policymakers as they intend to normalize monetary policy. The US dollar continues to post gains against most major peers, gaining substantially versus the Canadian dollar on the back of losses in oil prices.