Just Released Fed Meeting Minutes Show Fed Watching Fed Watchers. Minutes of the Federal Reserve's March 20-21 Meeting show that the Federal Reserve Board is acutely aware of the market's reaction to its statements. The Fed explains its prior statement change, saying, "The Committee agreed that further policy firming might prove necessary to foster lower inflation, but in light of the increased uncertainty about the outlook for both growth and inflation, the Committee also agreed that the statement should no longer cite only the possibility of further firming."

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