Markets cheered a December inflation report that suggested underlying price pressures are easing, but the Federal Reserve still isn’t likely to cut interest rates anytime soon given President-elect Donald Trump’s plans for the economy.

Progress on inflation should stall this year” as fiscal, immigration and trade policies shift, caution Bank of America economists.

The Labor Department released the inflation report for December which showed prices were up 2.9% from a year ago, in line with economists expectations and up from 2.7% in November.

Inflation moved up for a third month in a row, rising two-tenths of a percentage point to 2.9% for the year ending in December, adding to signs that the Federal Reserve may have to keep interest rates higher for longer.