Fed minutes reveal clear shift in outlook

The minutes of the December meeting of the Federal Open Market Committee (FOMC), published on Wednesday, reveal a more dovish Federal Reserve than was suggested at the time.

The minutes indicate the FOMC's view was markedly different from the market's sense that the central bank did not appreciate the scale of the downside risks to growth.

Markets, which had wanted a 50 basis point cut, were disappointed with the decision to lower rates by a quarter of a percentage point and with the tone of