Fed's 'confidence' in disinflation not helped by recent data, minutes show
WASHINGTON - Federal Reserve officials worried last month that progress on inflation might have stalled and a longer period of tight monetary policy be needed to tame the pace of price increases, according to the minutes of the U.S. central bank's March 19-20 meeting at which policymakers kept a baseline view for three interest rate cuts in 2024.
Some officials continued to argue that important items like housing inflation would begin to slow, with"several" saying that increases in productivity could allow growth to remain strong while inflation continued to fall. "Some" officials said there were risks that Fed policy was"less restrictive than desired, which could add momentum to aggregate demand and put upward pressure on inflation," the minutes said - the sort of logic that could be used to defend another rate hike.
The U.S. Labor Department reported that the CPI accelerated to a 3.5% annual rate in March from 3.2% in February, and a separate"core" measure excluding food and energy prices stalled at 3.8%.
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