Fed Officials Saw Reasons for Patience Amid Risks, Minutes Show

(Bloomberg) -- “Participants pointed to a variety of considerations that supported a patient approach to monetary policy at this juncture as an appropriate step in managing various risks and uncertainties in the outlook,” Federal Reserve officials said at the Jan. 29-30 Federal Open Market Committee meeting, according to minutes released Wednesday.

• A few participants expressed concern that amid increased uncertainty, policy rate projections in the Summary of Economic Projections “do not accurately convey the Committee’s policy outlook”

• “A patient approach would have the added benefit of giving policy makers an opportunity to judge the response of economic activity and inflation to the recent steps taken to normalize the stance of monetary policy”
• NOTE: Fed Minutes Release Altered by Winter Storm Closure
• NOTE: From January, Fed’s Dovish Pivot Flattens Remaining Rate-Hike Expectations

--With assistance from Jeff Kearns and Jeanna Smialek.

To contact the reporters on this story: Christopher Condon in Washington at ccondon4@bloomberg.net;Craig Torres in Washington at ctorres3@bloomberg.net

To contact the editors responsible for this story: Alister Bull at abull7@bloomberg.net, Jeff Kearns, Kasia Klimasinska

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