The Fed wants more confidence that inflation is moving toward the 2% target, meeting minutes indicate

Fed officials at their March meeting expressed concern that inflation is not moving fast enough, although they still expect to cut interest rates at some point this year.

At a meeting in which the Federal Open Market Committee again voted to hold interest rates on short-term borrowing steady, policymakers also expressed suspicions that inflation, although falling, was not doing so in a convincing enough way. The Fed currently targets its benchmark interest rate between 5.25%-5.5%

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