Fed sees limited impact of global slowdown on US

Washington

THE weakness of other major economies and recent turbulence in financial markets will not significantly impede domestic economic growth, US Federal Reserve officials concluded at their most recent meeting in late October.

The Fed made no mention of those speed bumps in a statement issued after the two-day meeting because officials regarded the likely effects as "quite limited", according to an official account of the meeting that the Fed published on Wednesday.

The account underscored the stability of the Fed's economic outlook and its approach to monetary policy during a period of slow-but-steady domestic growth. And it suggested that officials were in no hurry to risk that stability by raising short-term interest rates, which have rested near…