Despite discussing exit strategy from its quantitative easing program, Federal Open Market Committee members expressed concern about a weakening labor market and a recovery that seemed slower than expected, according to minutes of the FOMC’s June 21-22 meeting released Tuesday.

The panel noted that the recovery, while moderate, seemed to be slower than had been expected at the last meeting, but deemed it was “transitory factors” that restrained growth. The panel expected the recovery to continue apace once these factors subside, but again saw the near-term outlook less rosy than they did at their April meeting.

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