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Jan 31 (Reuters) - The U.S. Federal Reserve is "carefully" monitoring turmoil in emerging markets and discussed it at a policy-setting meeting this week, but it should not focus too much on "short-term developments," a top Fed official said on Friday.
"We shouldn't focus too much on the short-term developments in markets. That said, we're watching them carefully," San Francisco Fed President John Williams said on Fox Business television.
"In my view, the hot money flows, which I do recognize as an important development, are the result of a number of factors," he said. "I wouldn't say it's just because of Fed policy."