United States Federal Open Market Committee (FOMC) minutes from the last policy meeting revealed on Wednesday that "various" officials showed a willingness to tighten the policy further "should risks to inflation materialize in a way that such an action became appropriate."
During the two-day policy meeting, the Fed officials agreed that recent inflation data did not provide them with enough confidence, stressing that it would likely take longer than they previously estimated to get inflation back to the 2% objective. The central bankers noted that recent monthly data showed "significant increases in components of both goods and services price inflation."
"A number of participants noted uncertainty regarding the degree of restrictiveness of current financial conditions and the associated risk that such conditions were insufficiently restrictive on aggregate demand and inflation," the meeting minutes noted.
