Minutes of the March 16 meeting of the Federal Open Market Committee show that central bank policymakers saw a slowdown in inflation that could persist. If so, there is no need to raise interest rates, but the Fed also said it is prepared to respond if inflation should surge. The Fed's inflation outlook and its concern about the labor market indicate that policymakers, including Chairman Ben Bernanke, are continuing to seek evidence that the economic recovery will be sustained.

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