WASHINGTON — Though the U.S. fiscal position was looking up a bit since the December meeting, the Federal Open Market Committee became increasingly wary about the effects of new asset purchases, according to the minutes of the committee's Jan. 29-30 meeting, released Wednesday.

The partial resolution of the so-called "fiscal cliff" buoyed the U.S. economy somewhat, still the economy continued to expand at only a moderate pace, according to the minutes. Most members noted that "the Committee's asset purchases had been effective in easing financial conditions and helping stimulate economic activity," as well as keeping inflation near its long-run goal of 2% and helping to prevent unemployment from growing.

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