And it held to its policy bias toward further rate reductions, concluding that "the risks are weighted mainly toward conditions that may generate economic weakness in the foreseeable future."

Nonetheless, it continued, "the risks continue to be weighted mainly toward conditions that may generate heightened inflation pressures in the foreseeable future."

The Fed left in place its tilt toward possible further interest rate cuts, saying "the risks are weighted mainly toward conditions that may generate economic weakness in the foreseeable future."

The current risks, said the Fed, "are weighted mainly toward conditions that may generate economic weakness in the foreseeable future."

Under those circumstances, the statement said, "the committee believes the risks continue to be weighted mainly toward conditions that may generate heightened inflation pressures in the foreseeable future."

The central bank said it continued to believe that the "risks are weighted mainly toward conditions that may generate economic weakness in the foreseeable future."

The Fed could underline that message with a statement that "the risks are weighted mainly toward conditions that may generate heightened inflation pressures in the foreseeable future."

The committee, the statement said, "believes the risks are weighted mainly toward conditions that may generate heightened inflation pressures in the foreseeable future."

And at its last meeting, on Nov. 15, the Fed concluded that "the risks continue to be weighted mainly toward conditions that may generate heightened inflation pressures."

Nonetheless, the committee said, "the risks are weighted mainly toward conditions that may generate economic weakness."