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Federal Reserve minutes: Many members want action ‘fairly soon’ to boost economy

Minutes of the last meeting of the Federal Reserve reveal that many board members see the need for additional monetary action “fairly soon” to boost the pace of economic recovery.

The minutes also show that the Fed staff and many of its board members expect inflation and interest rates to remain low in 2014 as a result of slack in the economy.

“Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery,” the minutes said.

At least one member dissented, however. “One member judged that additional accommodation would likely not be effective in improving the Federal Open Market Committee economic outlook and viewed the potential costs associated with such action as unacceptably high,” the minutes said.