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Reiterating the conclusion of the January post-meeting statement, the minutes from the January 26-27 FOMC meeting revealed a rather uncertain committee about how to interpret the global economic and financial developments in the economy, emphasizing the importance of closely monitoring these events and of assessing their implications for the labor market and inflation, and for the balance of risks to the outlook. According to the minutes of the said FOMC meeting, if the recent turbulence in global financial markets were to persist, then the effects could be “roughly equivalent to that from further firming in monetary policy”