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Against that backdrop, the Fed’s documents indicated that their rate-cutting campaign may be winding down.

Looking ahead, some Fed members — not identified in the documents — noted that it was “unlikely to be appropriate to ease policy in response to information suggesting that the economy was slowing further or even contracting slightly in the near term, unless economic and financial developments indicated a significant weakening in the economic outlook.”

Many economists believe the Fed will hold its key rate steady when it meets next, on June 24-25.

Fed policymakers, in recent speeches, have also been sending this signal.

Fed Governor Kevin Warsh, in remarks today, was the latest official to drive home this sentiment. “Even if the economy were to weaken somewhat further, we should be inclined to resist expected, reflexive calls to trot out the hammer again,” Warsh said, referring to the Fed’s key rate.