Fed: Outlook for inflation has improved

Federal Reserve officials believed the outlook for core inflation had improved, but were uncertain inflation was firmly on a downward path, according to minutes of their January 30-31 policy meeting released on Wednesday.

“Participants did not yet see a downward trend in core inflation as definitively established,” the minutes said.

Still, the central bank’s policy-setting Federal Open Market Committee believed a “confluence of better-than-expected news” on the economy and inflation suggested there were smaller risks to growth and improved prospects for core inflation.

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The Fed discussed whether the language in its statement saying it viewed risks as tilted toward inflation was the best way to represent its views, but decided no change was necessary ”at this time.”

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The central bank at that meeting held benchmark interest rates steady at 5.25 percent, and renewed a warning on inflation risks although it noted the inflation picture had improved.

The minutes showed Fed officials believed that maintaining rates steady was likely to foster moderate economic growth and to further the gradual reduction of core inflation from elevated levels.