Members were ... concerned about the upside risks to the inflation outlook, given the continued increases in oil and commodity prices and the fact that some indicators suggested that inflation expectations had risen in recent months," the Fed said.
Differences over Inflation Risk
Participants at the Fed's meeting were about evenly divided as to whether the risks to the inflation outlook were balanced or were tilted to the upside, the minutes said.
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The Fed boosted its forecasts for inflation to 3.1 percent to 3.4 percent in 2008 from its January 2.1 percent to 2.4 percent projection for the personal consumption expenditures index. It expects unemployment to rise to 5.5 percent to 5.7 percent for the year. The jobless rate was at 5 percent in March and employers had cut jobs for the fourth month in a row.
