WASHINGTON (AP) — Federal Reserve policymakers last month noted greater threats to the U.S. economy, ranging from adverse effects of the government shutdown to rising trade tensions, and opted to emphasize that they would be "patient" in raising interest rates.

Minutes of the Fed's discussions in January showed that Fed officials also felt that further rate hikes might only be needed if inflation were to accelerate.

The minutes showed that Fed officials believe a "patient approach" to rate hikes would give them more time to assess the economic impact of President Donald Trump's trade battles with China and other countries, as well as the severity of a developing slowdown in global growth.