FOMC meeting minutes
  • Official saw inflation pick up over next couple of years.
  • Several said inflation risk could be to the downside
  • Many saw sub 2% inflation for longer than expected.
  • Many expected B/S to only modestly tighten policy
  • Many Fed officials swa weak inflation due to idiosyncratic factors
  • Some officials concerned by weak inflation, argue for patience
  • Fed split on assessment if inflation expectations well anchored
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