The Fed minutes said most participants emphasized that if inflation remained above 2% for several years, sustained higher inflation could begin to affect inflation expectations and wage- and price-setting. Officials said their inflation forecasts for this year and next were higher than the projections prepared for the April meeting, underscoring renewed concern about inflation. Staff projected core inflation above 3% would remain roughly unchanged for the remainder of the year.

2026-07-09

The Fed minutes said most participants emphasized that if inflation remained above 2% for several years, sustained higher inflation could begin to affect inflation expectations and wage- and price-setting. Officials said their inflation forecasts for this year and next were higher than the projections prepared for the April meeting, underscoring renewed concern about inflation. Staff projected core inflation above 3% would remain roughly unchanged for the remainder of the year.