Is inflation stirring again? FOMC minutes raise flags

The January Fed minutes, released on Tuesday, read like a reminder that the inflation fight is not over, just quieter than it was in 2022. Policymakers acknowledged inflation has cooled from its peak, but “most participants” cautioned progress back to 2% could be “slower and more inconsistent than anticipated,” keeping risks tilted the wrong way. What’s new is the risk balance as officials sounded less worried about a sudden labor-market slide, and more alert to inflation sticking above target for longer. FOMC minutes: Inflation progress, but warning signs Incoming inflation data has improved from the worst levels, yet it is still not where the Fed wants it. The data showed overall PCE inflation running at 2.8% year over year in…