Federal Reserve Still Does Not See Evidence of Easing Inflation Pressures: FOMC Minutes

The Federal Reserve does not see much evidence that broad-based inflationary pressures were easing and that 40-year high inflation will take a while to resolve, minutes from last month’s Federal Open Market Committee (FOMC) revealed on Wednesday (pdf).
“Participants agreed that there was little evidence to date that inflation pressures were subsiding. They judged that inflation would respond to monetary policy tightening and the associated moderation in economic activity with a delay and would likely stay uncomfortably high for some time,” the minutes stated. “Participants also observed that in some product categories, the rate of price increase could well pick up further in the short run, with sizable additional increases in residential rental expenses being especially likely.”…