Federal Reserve minutes: Officials 'inflation expectations for this year and next are higher than in April

On July 9, the minutes of the Federal Reserve meeting pointed out: "Most participants emphasized that if the inflation rate remains above 2% for several consecutive years, continued high inflation levels may begin to affect inflation expectations and wage and price making decisions." Fed officials also said their forecasts for inflation this year and next were higher than previously set for the April meeting, another sign of concerns about inflation. Staff predict that core inflation, which has exceeded 3%, will remain largely unchanged for the rest of the year.