FOMC minutes: Participants judged that risks had become more two-sided

The FOMC minutes, released a few minutes ago, indicated that many policymakers and participants saw downside risks to economic activity and upside risks to the unemployment rate.

Vast majority of participants just future path of economy as highly uncertain. More evidence needed to be confident price pressures ebbing.

Several participants commented that, with the policy rate likely at or near its peak, the focus of monetary policy decisions and communications should shift from how high to raise the policy rate to how long to hold the policy rate at restrictive levels.