The SPDR S&P 500 ETF (SPY) closed up 0.15% at $589.49 on January 8, 2025, as investors digested Federal Reserve minutes and anticipated future rate cuts. The S&P 500 index itself rose 0.16% to 5,918.25, buoyed by expectations that the Fed might begin easing monetary policy by mid-year. The minutes from the Fed's December meeting revealed a cautious approach to policy adjustments, with many participants seeing the need for careful consideration before implementing rate cuts. This sentiment was echoed by traders who are closely watching for any signals of economic shifts, particularly in light of the upcoming nonfarm payrolls report. Despite the modest gains, rising Treasury yields capped broader market upside, reflecting ongoing concerns about inflation and its impact on future rate decisions.