Fed meeting minutes: Participants generally expected inflation to remain high in the short term

The Federal Reserve meeting minutes noted that regarding the inflation outlook, participants generally expected that, under appropriate monetary policy, inflation would remain elevated in the near term before gradually declining to 2%. Some participants noted that business contacts indicated they would gradually raise prices due to rising input costs caused by tariffs. While uncertainty remains about the impact of tariff increases on inflation this year, most participants expected these effects to be fully felt by the end of next year. Some participants also expressed the view that the labor market was not expected to become a source of inflationary pressure. (Jinshi)