Washington

US Federal Reserve policy makers dwelled on inflation performance at their December meeting, minutes of the gathering showed, in a sign price pressures will play a larger role in setting the pace of interest rate increases this year.

"The Fed's focus is now really on inflation," said Donald Ellenberger, a senior portfolio manager who oversees about US$10 billion of client money at Pittsburgh-based Federated Investors Inc. "That's going to be the real focus for the markets going forward."