The Fed released minutes Wednesday from its Jan. 28-29 meeting at which it held interest rates steady.
Markets look to the meeting summary for clues on how central bank officials feel about the future direction of policy.
The central bank's policymaking group voted at the Jan. 28-29 meeting to leave its benchmark overnight funds rate in a range between 1.5% and 1.75%. "They expected economic growth to continue at a moderate pace, supported by accommodative monetary and financial conditions," the minutes said. "In addition, some trade uncertainties had diminished recently, and there were some signs of stabilization in global growth. Nonetheless, uncertainties about the outlook remained, including those posed by the outbreak of the coronavirus.
The post-meeting statement tweaked language to indicate that the Fed wants inflation "returning to" 2% rather than "near" it as previous statements had indicated.Part of that review centers on whether the central bank's aggressive policy moves during and after the financial crisis created instability.
Minutes described the operations as running smoothly, with a target date of winding them down after April.
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