US Fed's rate meeting minutes show growing inflation concerns

Fed policymakers voiced concern about rising inflation at the most recent rate-setting meeting, which ended on May 1, 2024 WASHINGTON: A strong US economy and an uptick in inflation led the Federal Reserve's rate-setting committee to conclude that progress against rising prices had stalled, according to minutes of its most recent meeting published Wednesday .

The minutes of the two-day Federal Open Market Committee meeting show that policymakers generally felt that"recent data had not increased their confidence that inflation was moving sustainably toward two per cent." Several FOMC members said they thought aggregate demand growth would need to slow down for the target to be reached.

On a more positive note, the Fed minutes noted that"medium- and longer-term measures of expected inflation had remained well anchored, which was seen as crucial for meeting the committee's inflation goal on a sustained basis."

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