As the FOMC Minutes show, participants expressed general uncertainty about the persistence of high inflation and indicated that recent data did not increase their confidence in a sustainable trend in inflation toward the 2% target.
Additionally, officials deliberated on whether the biggest risk is that monetary policy remains overly tight for an extended period or that the Fed eases prematurely and fails to meet the 2% inflation target.
Some officials continued to maintain that significant factors such as housing inflation would begin to slow, and “several” suggested that rising productivity could allow for robust economic growth while inflation continued to decline.
However, the Minutes reflected a general apprehension regarding the state of the inflation battle, which appeared to be under control at the beginning of the year.
Source: Fx Street
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