Minutes show most Fed members see ‘significant upside risks to inflation’

Minutes from the last Federal Reserve meeting read, “The labor market remained very tight, with robust job gains in recent months and the unemployment rate still low, but there were continuing signs that supply and demand in the labor market were coming into better balance. Participants also noted that tighter credit conditions facing households and businesses were a source of headwinds for the economy and would likely weigh on and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy.”