The Globe and Mail reports in its Thursday edition that the minutes of the Jan. 30-31 meeting of the U.S. Federal Reserve revealed that most policy-makers were worried about the consequences of a premature reduction in interest rates. A Reuters dispatch to The Globe reports that the officials expressed a general sense of uncertainty about the appropriate length of time that borrowing costs should be kept at their current level. The minutes, released on Wednesday, said, "Participants highlighted the uncertainty associated with how long a restrictive monetary policy stance would need to be maintained" to return inflation to the Fed's 2-per-cent target. Whereas "most participants noted the risks of moving too quickly to ease the stance of policy," only "a couple pointed to downside risks to the economy associated with maintaining an overly restrictive stance for too long." The minutes reinforce the recent message the Fed will not rush to cut rates, which it expects to begin later this year. On Wednesday Richmond Fed president Thomas Barkin cited concerns about persistent inflation for service industries and housing, and said data released since the Fed's last meeting, showed strong job growth and stronger inflation.