Federal Reserve officials discussed the possible effects of potential changes in trade and immigration on the economy and the difficulty in assessing between persistent changes in inflation and temporary ones,

The meeting's participants also noted that some measures of inflation expectations, a key concern for the Fed, 'had increased recently.'

Participants at the U.S. central bank's January 28-29 meeting "generally pointed to the upside risks to the inflation outlook," rather than risks to job market, according to the minutes from the meeting,