The minutes also showed that the central bank remained cautious on the pace of wage gains amid low productivity growth. That said, however, central bank officials expressed confidence that ongoing tightening in labor markets was “likely to translate into faster wage increases at some point.” Federal Reserve policymakers did, however, signal that further rate hikes were appropriate in the wake of a stronger outlook on economic growth. "A majority of participants noted that a stronger outlook for economic growth raised the likelihood that further gradual policy firming would be appropriate," the minutes stated. The Federal Reserve's somewhat subdued outlook on wage growth differed from market participants' current expectations that wage growth was beginning to gain sustainable momentum following January's bullish jobs report. Markets appeared to judge the minutes as dovish as the dollar turned negative, while gold added to gains.