Federal Reserveinflationinterest ratesFederal Reserve officials voiced concerns in March 2024 that inflation was worse than anticipated, contradicting earlier assessments of a steady decline to their 2% target.
During their March 19-20 meeting, the Federal Reserve officials generally agreed that high inflation in January and February did not bolster confidence in inflation returning to their 2% target. Despite some economists' views that early 2024's price increases were temporary, the minutes revealed concerns over broad-based price hikes. Recent data showing a third consecutive month of accelerated consumer inflation further highlighted the issue, with core prices rising significantly over the year, casting doubts on the likelihood of anticipated rate cuts by the Fed.