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Federal Reserve officials believed they could be close to ending their recent series of rate increases when they decided last month to raise their benchmark short-term rate.

Last month’s decision to raise rates by a quarter percentage point for the fifth straight quarter was unanimous. But minutes of the Fed’s December policy meeting, released Wednesday, revealed how recent financial market volatility and signs of slowing global growth had made “the extent and timing of further policy firming less clear than earlier,”...

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