[LouAvul]

stopped short of endorsing a need for a faster pace of rate hikes.

Why does this sound ominous for people with large indebtedness?

[OldFriend]

What idiots. Once again they fail to recognize the effect of the high cost of energy on the economy.

Oil costs combined with raising interest rates will be a devestating blow to growth.

Time for Greenspan to GO.

[ClintonBeGone]

Actually, in the long run inflation is good for debtors. You pay back lent money with inflated dollars. However, I don't think inflation is at all a risk at this point. It's a silly think for the fed to be worried about. What is is going to do is cause them to kill the housing market by notching up the interest rates.

[elbucko]

Members worried about higher inflation pointed to recent elevated readings in the core personal consumption expenditure index, the PPI and the sustained high level of energy prices.

On the other hand, some Fed staff said they expected [?] a strong gain in productivity, which would keep inflation well-contained.

On the other hand, do the fed morons believe that in the real world the pace of increased productivity can outpace and match the volatility of energy prices? The Fed is in a state of denial about these realities if they believe the above. I could also ask, rhetorically, "Where do these people live?", but I know the answer is New York City, where there is no there, there.

[w6ai5q37b]

Fed less certain that inflation would be contained

Translation: "Oops, we printed too much funny money."