By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism.
Federal Reserve minutes: Officials worried that progress on inflation could stall in coming months
preview.jpg
FILE - Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve, Jan. 31, 2024, in Washington. The Federal Reserve releases minutes from its January meeting, when it kept its key short-term interest rate unchanged for a fourth straight time, on Wed., Feb. 21, 2024. - photo by AP Photo/Alex Brandon, File
WASHINGTON (AP) — Federal Reserve officials acknowledged at their most recent meeting in January that there had been “significant progress” in reducing U.S. inflation. But some of the policymakers expressed concern that strong growth in spending and hiring could disrupt that progress. In minutes from the Jan. 30-31 meeting released Wednesday, most Fed officials also said they were worried about moving too fast to cut their benchmark interest rate before it was clear that inflation was sustainably returning to their 2% target.