Fed Minutes Flag Energy and Tariff Risks to Inflation Path

Federal Reserve meeting minutes showed officials expect elevated energy prices to keep pushing overall inflation higher in the near term and delay a return to the 2% target. Participants said tariff effects on core goods inflation may fade this year, but some warned tariff rates could rise further and increase upside inflation risk. Officials also said prolonged conflict in the Middle East, higher commodity costs, and supply chain disruption could keep inflation elevated longer than previously expected.
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