WASHINGTON—Federal Reserve policymakers expressed growing concerns at their meeting last month about potential threats to the U.S. economy, including turbulence in financial markets, plunging oil prices and slowing growth in China and other emerging markets.
Minutes of their discussions released Wednesday showed Fed officials acknowledging that the developments made it difficult to forecast growth and inflation.
The officials said their outlook had grown more uncertain, and they stressed that the pace of any interest-rate increases would hinge on the latest economic data. The Fed raised rates from record lows in December, the first hike in nearly a decade.
While Fed officials continued to express confidence in the strengthening labor market, they were less bullish on other parts of the economy such as manufacturing.
