Fed minutes show most policymakers would consider rate hikes if inflation stays above 2%, keeping policy stance unchanged.
Federal funds rate held at 3.50%-3.75% for a third meeting; four dissents—highest since Oct 1992—with Stephen Miran favoring a cut.
CPI hit its highest annual rise since May 2023 and PPI its biggest jump since Dec 2022, driven by oil price spikes from the Iran war.
Jerome Powell's term ends; Kevin Warsh slated to succeed amid Trump pressure for cuts, though analysts still expect eventual easing.