Members of the Federal Open Market Committee said economic conditions, rather than the calendar, will likely determine when the Fed will begin to tighten monetary policy, and that the risk of acting too soon outweighs the risk of acting too late, according to minutes of the FOMC’s March 16 meeting released Tuesday.

A number of members noted that the committee’s policy was “explicitly contingent on the evolution of the economy” rather than “the passage of any fixed amount of calendar time.”

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