What Fed officials said about inflation in FOMC minutes

What Fed officials said about inflation in FOMC minutes highlighted a growing concern inside the Federal Reserve that price pressures remain too high, even as officials stayed split on how quickly to raise rates. The discussion, released Wednesday, came during the June 16–17 meeting chaired by Kevin Warsh’s first meeting leading the central bank. Minutes said participants were divided on whether rate hikes were warranted immediately, with most seeing scenarios where inflation could fall toward the Fed’s 2% goal and an equal number warning it could stay elevated. Almost all who contemplated persistently high inflation agreed a rate increase would likely be needed. All participants ultimately backed holding rates steady. Officials also planned clearer emphasis on price stability in the post-meeting statement. Markets reacted minimally.