The minutes of the December meeting of the Federal Reserve showed policy makers are concerned about the diverging outlooks between the U.S. and the rest of the world.
On the one hand, the Fed expects the expects the recent dramatic drop in oil prices will probably end up boosting U.S. growth.
Some members even predicted a “quite large” uptick in consumer spending thanks in part to sudden relief at the gas pump. While inflation remains subdued, the Fed still expects consumer prices to rise toward healthy levels despite the break in energy prices. Read more here.