New Delhi, Feb. 19 -- The minutes of the US Fed's January policy meeting, released on Wednesday, signalled that the US central bank can surprise markets in the coming months.

While the Fed has not explicitly said what it is going to do in the coming months, the market is expecting at least three rate cuts of 25 basis points each this year.

However, the Fed may have different plans.

The minutes of the Fed's last policy meeting showed some members are in favour of raising rates in the near future if inflation risk rises, even though some among them see scope for further easing if inflation cools as anticipated.

The US Fed on January 28 held policy rates steady, after reducing rates in three consecutive policy meetings in September, Octo...