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The Fed: What’s all the excitement? Fed staff’s economic outlook barely changed in January

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While Fed officials pulled off a dramatic U-turn on policy, the central bank’s staff moved at more of a turtle’s pace at the January FOMC meeting, sticking to their upbeat view on growth and inflation, minutes of the meeting show.

The Federal Reserve governors and regional presidents shifted their thinking dramatically on the outlook, swiftly moving from confidence in the outlook late last year to more uncertainty recently. In contrast, the Fed’s staff really hasn’t shifted too much in their thinking, judging from to the minutes of the January FOMC meeting released Wednesday.

Drama is lacking from the staff forecast. There was no talk of recession or an outbreak of higher inflation on the horizon.

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