During the FOMC Minutes, participants expressed general uncertainty about the persistence of elevated inflation and indicated that recent data did not increase their confidence in inflation trending sustainably towards the 2% target.

In addition, officials deliberated over whether the greater risk lies in monetary policy remaining overly restrictive for an extended period or in the Fed easing prematurely and failing to achieve the 2% inflation target.

Some officials continued to argue that significant factors like housing inflation would begin to decelerate, with "several" suggesting that increases in productivity could enable robust economic growth while inflation continued to decline.

However, the minutes reflected a general apprehension regarding the status of the inflation battle, which appeared to be under control at the beginning of the year.