The Fed released the minutes of the recent meetings earlier and had a few noticeable differences from last month.

By far the biggest change was the observation that inflation is picking up. That is not what this Fed is known for commenting on.

Inflation has picked up somewhat, mainly reflecting higher prices of crude oil and gasoline. However, longer-term inflation expectations have remained stable.

The full report is below, click the image for the pdf.

Courtesy of Bloomberg

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