Fed Minutes Show More Confidence in Economic Outlook

In a recent meeting, FOMC participants upgraded their GDP growth forecasts for 2018 due to increased economic activity, a positive global outlook, and impactful tax changes. Although the Fed did not alter its balance of risks statement, some committee members leaned towards a change. A compromise was reached by adding the word 'further' to indicate gradual rate increases, reflecting a cautious approach. This decision represents a half step towards signaling a quicker pace of rate increases.

Describe the nature of the changes made by the FOMC in their January meeting regarding the federal funds rate.

What does the term 'half step' imply about the FOMC's approach in January?