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MNI: FOMC-Disinflation Taking Longer, Hikes Mentioned-Minutes

(MNI) WASHINGTON
"Almost all" supported decision to taper QT.

Federal Reserve officials believe the fight against inflation is going to take longer than previously expected based on a resurgence of price pressures at the start of the year, minutes from the Fed’s May meeting showed Wednesday.  

“Participants noted disappointing readings on inflation over the first quarter and indicators pointing to strong economic momentum, and assessed that it would take longer than previously anticipated for them to gain greater confidence that inflation was moving sustainably toward 2%,” the minutes said.

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Federal Reserve officials believe the fight against inflation is going to take longer than previously expected based on a resurgence of price pressures at the start of the year, minutes from the Fed’s May meeting showed Wednesday.  

“Participants noted disappointing readings on inflation over the first quarter and indicators pointing to strong economic momentum, and assessed that it would take longer than previously anticipated for them to gain greater confidence that inflation was moving sustainably toward 2%,” the minutes said.

Keep reading...Show less