Federal Reserve officials raised concerns during their May policy-setting meeting that progress on inflation is stalled, while "many" questioned whether policy was restrictive enough to tame price pressures within the economy. Minutes from the U.S.
Although officials generally agree that policy is restrictive enough, they debated whether there is a possibility that high interest rates are having a smaller effect than they did in the past. "Many participants commented on their uncertainty about the degree of restrictiveness," the minutes said.
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