• Downside risks diminish but jobless rate to decline only slowly
  • Pass through from commodities rise fairly small
  • Changes in bond program not appropriate at this time
  • A few members said new data shows economy strong enough to reduce pace or size of bond appropriate

Here is the release from the Fed.

Here is the opening paragraph of the staff economic assessment.

The information reviewed at the January 25–26 meeting indicated that the economic recovery was firming, though the expansion had not yet been sufficient to bring about a significant improvement in labor market conditions. Consumer spending rose strongly late last year, and the ongoing expansion in business outlays for equipment and software appeared to have been sustained in recent months. However, construction activity in both the residential and nonresidential sectors remained weak. Industrial production increased solidly in November and December. Modest gains in employment continued, and the unemployment rate remained elevated. Despite further increases in commodity prices, measures of underlying inflation remained subdued and longer-run inflation expectations were stable.