WASHINGTON (AP) — Federal Reserve officials at a meeting last month pointed to rising risks that inflation could worsen, a key reason they kept their benchmark interest rate unchanged.

According to minutes of the Jan. 28-29 meeting, which were released Wednesday, Fed officials said that President Donald Trump’s proposed tariffs and mass deportations of migrants, as well as strong consumer spending, were factors that could push inflation higher this year.

The Fed’s 19 officials who participate in its interest-rate decisions indicated that “they would want to see further progress on inflation before making” any further cuts. They kept the Fed’s key rate at 4.3%, after cutting it from a two-decade high of 5.3% late last year. The Fed’s pause makes it less likely that borrowing costs for consumers, including for mortgages, auto loans, and credit cards, will decline anytime soon.