BMO analyst Ian Lyngen said this...>

US TSYS/RESEARCH: BMO analyst Ian Lyngen said this afternoon's FOMC Minutes from

the July meeting "showed evidence that inflation was understandably the focus,

intuitive in the context of the trends toward softer core-CPI." He cited such

FOMC minutes quotes as that "many participants, however, saw some likelihood

that inflation might remain below 2 percent for longer than they currently

expected, and several indicated that the risks to the inflation outlook could be

tilted to the downside." And he cited that "participants agreed that a fall in

longer-term inflation expectations would be undesirable, but they differed in

their assessments of whether inflation expectations were well anchored."