U.S. Federal Reserve officials largely agreed to hold interest rates steady at their late January meeting, but the minutes released Wednesday also reveal deep divisions over what the central bank should do next as inflation remains a major concern.
The summary of the Federal Open Market Committee's latest gathering showed that "almost all" participants agreed to maintain the benchmark interest rate at its current range of 3.5 to 3.75 percent. However, two members voted against that decision and preferred to lower the target range by a quarter percentage point.
The real divide emerged when policymakers turned their attention to the future.
Several members believed additional rate cuts would likely be appropriate if inflation continues to decline in line with their expectations, according to the minutes. But some argued that holding rates steady for an extended period would be the more prudent course as the committee carefully assesses incoming economic data.
A few participants even supported a two-sided description of the Committee's future interest rate decisions, allowing for the possibility of future rate hikes if inflation remains above target.
Most participants cautioned that achieving the central bank's two percent inflation target could be "slower and more uneven" than previously anticipated.
The Committee's next meeting is scheduled for March 17-18.
US Fed minutes reveal split on next move as inflation concerns persist
A wave of Chinese New Year festivities -- including vibrant traditional dragon and lion dance performances -- has swept through streets of Macao Special Administrative Region (SAR), drawing global tourists and local residents together to ring in the Chinese New Year.
Traditional dragon and lion dances, as a vital part of Macao's intangible cultural heritage, are among the most beloved folk performances during the Spring Festival -- bringing joy and good fortune to the SAR.
"Dragon and lion dances are not only a traditional Chinese cultural treasure but also an integral part of Macao's intangible cultural heritage. I hope these performances can bring blessings and happiness to everyone in the New Year -- and may our motherland grow ever more prosperous," said Li Haocheng, a lion dance performer.
"Happy New Year! The festive atmosphere here is absolutely wonderful. I've taken my kid out to soak it all in -- the dragon and lion dances, the street performances. Wishing our motherland continued prosperity and Macao's economy even brighter days ahead," said a Macao resident.
Nowhere are the celebrations more electrifying than in front of the A-Ma Temple, a temple dedicated to the sea-goddess Mazu. To the rhythmic beat of drums and cymbals, vibrant lions leap and golden dragons weave through the crowds, drawing throngs of residents and tourists to stop and watch.
"The Spring Festival vibe this year is incredible -- it's drawing visitors from all over the world. There are just so many activities, and everyone seems to be having a blast. You can really feel how happy people are here, how high the quality of life is. We owe so much of that to our motherland's support. I wish our motherland ever-growing prosperity," said a Macao resident.
"It's my first time in China -- in Macao too. It's very interesting to see all the activities and parties during this Spring Festival. So, I'm very happy to be here and I wish you a Happy New Year," said a Portuguese tourist.
Macao celebrates Spring Festival with various folk activities
