.jpg)
- Consumer price inflation continued to decline, but recent progress was uneven.
- Disinflation process was continuing along a path that was generally expected to be somewhat uneven
- Participants generally judged that risks to the achievement of the
Committee’s employment and inflation goals were moving into better
balance - Participants generally noted their uncertainty about the persistence of
high inflation and expressed the view that recent data had not increased
their confidence that inflation was moving sustainably down to 2% - A few participants remarked that they expected core nonhousing services
inflation to decline as the labor market continued to move into better
balance and wage growth moderated further - Participants discussed the still-elevated rate of housing services
inflation and commented on the uncertainty regarding when and by how
much lower readings for rent growth on new leases would pass through to
this category of inflation - Some participants noted that increased immigration, which had likely been
boosting the growth of personal consumption spending, may also have
been adding to the demand for housing - Many participants pointed to indicators such as higher credit card
balances, greater use of buy-now-pay-later programs, or rising
delinquency rates on some types of consumer loans as evidence that the
finances of some lower- and moderate-income households might be coming
under pressure - The economic projection prepared by the staff for the March meeting was
stronger than the January forecast. The upward revision in the forecast
primarily reflected the staff’s incorporation of a higher projected path
for population due to a boost from immigration.
There hasn’t been a market reaction to the minutes.
This article was written by Adam Button at www.forexlive.com.
