http://www.ft.com/cms/s/0/ff3afd9c-2468-11de-9a01-00144feabdc0.html

While there has been more positive economic news since the March 18 meeting, the tenor of the Fed discussion suggests most policymakers will treat this data with some scepticism.

“Most participants viewed downside risks as predominating in the near term,” the minutes say.

Fed officials expressed concern about the “degree and pervasiveness of the decline in foreign economic activity” since their last meeting in January, which threatened US exports.

“Participants did not interpret the uptick in housing starts in February as the beginning of a new trend,” the minutes say. While some thought starts could not have too much further to fall, Fed officials reasoned that the overhang of unsold homes would continue to weigh on residential investment.

minutes 議事録

tenor 趣意，主旨，大意 〔of〕

predominant 優勢な，有力な; 卓越した

pervasiveness 広がる，普及する; しみ通る

overhang 張り出し，突出部分