Washington — Risks to the US economic outlook, including trade uncertainty and Brexit, have receded but are still present, the US Federal Reserve said Wednesday. And with inflation pressures still muted the central bank can afford to be patient before deciding on any further rate moves, according to the minutes of the April 30-May 1 policy meeting, when the Fed left the key lending rate unchanged. However, the meeting was held at a time when optimism was high for a deal to end the US-China trade war and before President Donald Trump more than doubled tariffs on $200bn in Chinese goods, sparking further retaliation from Beijing. Likewise the discussion of monetary policy came before Washington reached an agreement with Canada and Mexico to end the US tariffs on steel and aluminum imports, and put an end to the retaliation against American exports. The minutes also revealed a split among the officials about the outlook for inflation, which has stubbornly remained below the Fed's two p...

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