Some Federal Reserve policymakers argued at their most recent meeting in March that inflation was likely worsening, even before the government reported Wednesday that price increases re-accelerated last month.
FILE - Federal Reserve Board chair Jerome Powell speaks during a news conference the Federal Reserve in Washington, March 20, 2024. On Wednesday, April 10, 2024, the Federal Reserve releases minutes from its March meeting, when it kept its key short-term interest rate unchanged for a fifth straight time.
Excluding volatile food and energy costs, “core” prices jumped 0.4% from February to March. These core prices were 3.8% higher than they were a year earlier, the same reading as the previous month. The Fed closely tracks core prices because they tend to provide a good reading on where inflation is headed.
“Almost all” the officials, according to the minutes, favored cutting their benchmark rate at some point this year.
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