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WASHINGTON (AP) - Federal Reserve policy-makers last month indicated that interest-rate decisions could become less predictable, relying more heavily on short-term economic prospects than on more sweeping monetary strategy.
Minutes of the Fed's closed-door meeting on Jan. 31 — Chairman Alan Greenspan's last — were released Tuesday and offered insight into policy-makers' thinking as they contemplated what might be the appropriate end point in the Fed's nearly two-year credit tightening campaign and as they prepared for the new chief, Ben Bernanke.
"Although the stance of policy seemed close to where it needed to be given the current outlook, some future policy firming might be needed" to keep inflation and the economy on an even keel, according to the minutes.
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