Many participants expected wage growth to accelerate

Despite general agreement the economy was on track, many participants were concerned that low inflation might persist and require 'patience' in tightening policy

A few policymakers thought any further rate increases should be deferred until information 'confirmed' low inflation would not persist

Several participants said further rate increases should depend on incoming data boosting confidence inflation moving higher

A few participants argued that inflation was slow to respond to a tightening economy, and was at risk of moving faster than expected

Some policymakers were open to the possibility of a permanent 'secular' slowdown in inflation due to technology and other factors

Several participants said they were concerned trend inflation was too low, risking an eventual decline in inflation expectations and damaging Fed credibility