The minutes of the Federal Reserve meeting showed that several participants believed further interest rate cuts were more likely if inflation fell as they expected, but most indicated that inflation was likely to progress more slowly than generally predicted. The FOMC decided 10-2 at its January meeting to maintain the benchmark federal funds rate in a range of 3.5%-3.75%. Waller and Milan voted against a 25-basis-point cut. The committee removed wording regarding increased downside risks to employment from the previous three statements. Data released since the Fed's January meeting shows accelerating economic growth, slowing inflation, and a stabilizing labor market. According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) rose slightly in January, influenced by lower energy costs. Core CPI (excluding food and energy) rose in line with expectations. (Jinshi)