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The Fed Is Split on This Crucial Economic Question, March Minutes Show

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Federal Reserve officials seemed evenly split at their March meeting on the key question of whether the recent pickup in core inflation would prove persistent, according to minutes of the meeting released Wednesday.

So-called core inflation refers to prices excluding gasoline and food. While the Federal Reserve targets inflation with those baked in, it looks to the core measure of inflation as a gauge of where prices will be in the future. And the core PCE price index has risen substantially in recent months.

“Some” Fed officials saw the increase as consistent with a firming trend on inflation. At the same time, “some” others expressed the view that the increase in price pressures were unlikely to be sustained.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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