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ummary of Minutes from the Federal Reserve's January Meeting

- Most participants assessed that the risks to the dual objectives were roughly balanced.

- If the economy is strong, the Fed can keep policy at a restrictive level.

- The Fed wants more progress on inflation before cutting rates further.

- The risk associated with inflation is skewed to the upside.

- Some members suggested that the balance sheet reduction should be halted or slowed to address the debt ceiling issue.

- A few believe that the Fed's interest rate may not be much above neutral.

- U.S. short-term interest rate futures were little changed after the release of the minutes from the January Fed meeting