Federal Reserve policymakers concluded at their January meeting that they were close to the end of their interest rate tightening campaign but held out the possibility of more increases to keep inflation pressures in check.

The minutes of last month's Federal Open Market Committee, released on Tuesday, said that "although the stance of policy seemed close to where it needed to be given the current outlook, some further policy firming might be needed to keep inflation pressures contained and the risks to price stability and sustainable economic growth roughly in balance".