NEW YORK ( TheStreet) -- Speak softly and move slowly. That appears to be the Federal Reserve's version of Theodore Roosevelt's mantra.
Minutes from the Fed's Open Market Committee meeting showed that the Fed members believe in a slow exit from stimulating monetary policy and are not concerned about inflation, thanks in large part to a "subdued" labor market. Fed members also believe in broadcasting their intentions well before taking additional steps to cut back on accommodative monetary policy, such as allowing benchmark interest rates to rise.
Though the minutes showed Fed members discussed a variety of options for normalizing monetary policy, it made clear that they did not settle on a course of action and that the Committee plans to communicate its policy decisions "well before the first steps in normalizing policy become appropriate."
Investors generally responded positively to the minutes' release. The major indices remained solidly in the green an hour after the minutes became public. And some investors expressed confidence that the Fed would not take any brash action to spook investors.
Fed members noted that, though economic growth "paused" in the first quarter, activity heated up along with the weather. However, as far as the Fed was concerned, the increase in economic activity in the second half of the quarter did little to push up prices. The consumer price index was about 1% higher than a year earlier. "Consumer price inflation continued to run below the Committee's longer-run objective, but measures of longer-run inflation expectations remained stable."