Is core commodity inflation easing this year? But the increase in tariff rates could amplify the impact; this wording is too subtle.

The Federal Reserve meeting minutes show that participants generally believe that high short-term energy prices will continue to exert upward pressure on inflation, and that the impact of tariffs on core goods inflation is expected to weaken within this year, but some participants are concerned that tariff hikes could amplify inflation. Almost all participants pointed out that after inflation rates remained above 2% for several years, high inflation could have a greater impact on wage and price-setting decisions. Most believe that the Middle East conflict could last longer, or that oil prices and commodity prices will stay high longer than expected, with supply chain disruptions and cost pass-through continuing to push inflation higher. The vast majority of participants believe that it will take longer to bring inflation back to the 2% target, and the risks are increasing.