Federal Reserve policy makers worried about increased risks due to the central bank's aggressive monetary stimulus, though most view those dangers as "manageable" for now.



Minutes from the most recent Fed meeting suggest that members have grown increasingly concerned that things could get messy if it continues its asset-purchasing and money-printing policies too far into the future.

Among those concerns are instability to the financial system, a sudden rise in interest rates and inflation.

"In particular, participants pointed to possible risks to the stability of the financial system, the functioning of particular financial markets, the smooth withdrawal of monetary accommodation when it eventually becomes appropriate, and the Federal Reserve's net income," the March meeting minutes state. "Their views on the practical importance of these risks varied, as did their prescriptions for mitigating them.



Despite those worries, there appeared little indication of enough votes among the 12 Open Market Committee members to curtail the current policy anytime soon.

Moreover, the March 19-20 meeting occurred before some recent data showed economic growth began to sputter heading into the spring.

"There's been so much water under the bridge since then," said John Canally, investment strategist and economist at LPL Financial. "If the FOMC (met) today, you might see a shift toward the more dovish side. We haven't changed our view that you'll continue to see these purchases."

