Federal Reserve officials at their meeting Dec. 17-18 expected to dial back the pace of interest rate cuts this year in the face of persistently elevated inflation and the threat of widespread tariffs and other potential policy changes.

Collins, in prepared remarks for an event Thursday in Boston, said the economy was in a “good place,” but noted that progress on cooling inflation will likely be slower this year than previously anticipated.

Federal Reserve Bank of Boston President Susan Collins said a slower approach to adjusting interest rates is merited now as officials confront “considerable uncertainty” over the US economic outlook.