The Tell: Fed officials upgraded inflation to ‘a five-alarm fire’ in a matter of six weeks, analyst says


Reading between the lines of the Federal Reserve’s June 14-15 meeting minutes, at least one thing becomes clear: Policy makers were officially “spooked” by May’s CPI print of 8.6%, according to inflation analyst Omair Sharif. The minutes, released on Wednesday, revealed that officials now see a significant risk that elevated inflation could become “entrenched,” and determined that a 50- to 75-basis-point rate hike at their next meeting would likely be appropriate. What’s more, policy makers warned of the possibility of an “even more restrictive stance” on monetary policy if price pressures persist. That’s an abrupt shift…

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