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; CPI hit highest since May 2023 and PPI biggest rise since Dec 2022, driven by oil price surge.
Four dissents—highest since 1992—with Stephen Miran favoring a 25‑bp cut; three regional presidents opposed any easing‑bias language.
Chair Jerome Powell’s term ends; Kevin Warsh, Trump’s pick, will succeed and pledges independence despite presidential pressure for cuts.