[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.

[ClintonBeGone]

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?

Productivity is a huge huge number when compared to even the most volatile segment of energy prices. So in terms of absolute dollars, productivity dwarfs energy.