The FOMC released its meeting minutes from the January rate-setting meeting. Many officials noted the risks of cutting rates too quickly.
Members, however, agreed to change a statement for the press release that meant rates might go up: Members believed rates had reached their height for this tightening cycle.
"Given their assessment of the policy rate being likely at its peak for this tightening cycle, [the FOMC decided] to remove the reference to "the extent of any additional policy firming that may be appropriate to return inflation to 2 percent over time," as was included in the December statement."
The meeting took place before CPI and PCI numbers for January that came in higher than expected.
Members still agreed to keep in statements that they will carefully asses inflation and labor market data before lower rates. In the final statement in Jan., the committee said it "does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent."