Highlights from the minutes of the January 30-31, 2018 FOMC meeting

  • Some officials saw appreciable risk of inflation lag to target
  • Voters agreed that recent strengthening of economy increased likelihood of further gradual rate increases
  • Most voters said recent data suggested modestly strong near-term economic outlook that was seen in December
  • Generally judged risks as roughly balanced but several saw increased upside risks in near term
  • A number of policymakers raised near-term economic growth forecasts because of stronger data and info suggesting a larger impact from tax overhaul
  • A few said important to monitor slope of yield curve
  • Warned imbalances in financial markets may emerge as the economy operates above potential
  • Full text of Jan 31, 2018 statement
  • Full text of the Minutes

The US dollar dipped on the headlines and bonds have sold off slightly. There is a hawkish bent but right now markets are saying it isn't as much as feared.