Minutes from the Fed’s June 16–17 meeting show officials increasingly concerned about high inf. A minority judged an immediate rate hike could be warranted, but participants followed Fed chair KEVIN WARSH in issuing a shorter policy statement and ultimately supported leaving the policy rate unchanged. The minutes say a “majority of participants” saw scenarios in which inf would return to the Fed’s 2% target and scenarios in which it would remain elevated; “almost all” participants holding the la

Minutes from the Fed’s June 16–17 meeting show officials increasingly concerned about high inf. A minority judged an immediate rate hike could be warranted, but participants followed Fed chair KEVIN WARSH in issuing a shorter policy statement and ultimately supported leaving the policy rate unchanged. The minutes say a “majority of participants” saw scenarios in which inf would return to the Fed’s 2% target and scenarios in which it would remain elevated; “almost all” participants holding the latter view said hikes would be necessary if that occurred. Participants generally judged incoming information between meetings pointed to elevated upside risks to price stability and reduced downside risks to full employment.