According to the minutes, Fed officials will consider a rate hike if labor-market conditions show "further improvement" and the economy achieves the targeted inflation rate. The sluggish growth rate in the first quarter was preceded by a 2.2% gain in the fourth quarter and a 5% rise in the third. In this situation, the Fed may find it difficult to achieve its 2% inflation rate target in the near time, which will further reduce the possibility of a rate hike in the near future (read: 3 Rate-Sensitive ETFs to Watch Post Fed Meeting ).