91��Ƶ

Federal Reserve policy rs saw “substantial” risks to the U.S. economy when they met last month and some saw the possibility of a “prolonged contraction,” according to minutes of the meeting released Tuesday.

Fed officials said “the economic outlook would remain weak for a time and the downside risks to economic activity would be substantial,” the minutes of the Dec. 15-16 meeting stated.

At the meeting, the Fed slashed the key U.S. interest rate to a record low “target range” of zero to 0.25%.