Throughoutthe FOMC Meeting Minutes the Feds assessed that the country's economic recovery during this past period was taking place at a moderate pace along with clear signs of improvement detected throughout the labor market while that the current considerable increases in prices of crude oil and other commodities pushed up headline inflation knowing that it is seen as a temporary factor as prices pressures are forecasted to stay subdued on a longer term.

As for the housing market, it continues to be weak and depressed although the labor market overall conditions are firming continuously while that the country's consumer spending showed an increase at a modest pace in early 2011 after rising briskly in the fourth quarter of 2010 in January and consumer prices rose actually in December and January than in earlier months.

Now the price index for PCE excluding food and energy rose faintly in January whereas the world's leading growth in real activity in the advanced foreign economies appeared to pick up after a dull performance was witnessed within the fourth quarter