The Fed released its December monetary policy meeting minutes on Wednesday. The Fed raised its interest rate in December. Fed officials expressed concerns about low inflation in the U.S., saying that they "would carefully monitor actual and expected progress toward its inflation goal".

Fed officials said that labour market continued to improve, noting that "underutilization of labour resources has diminished appreciably since early this year".

According to the minutes, the U.S. economy is expected to grow moderately, while the labour market is expected to continue to improve.

The minutes showed that further interest rate hikes will depend on the labour market and inflation data.

Fed officials pointed out that the downside risks to U.S. economy from global economic and financial developments diminished since late summer.