Continued interest rate hikes 'risk a recession throwing millions out of work,' a pair of experts warned.
"They judged that inflation would respond to monetary policy tightening and the associated moderation in economic activity with a delay and would likely stay uncomfortably high for some time," the minutes read."Participants also observed that in some product categories, the rate of price increase could well pick up further in the short run, with sizable additional increases in residential rental expenses being especially likely.
"Participants observed that, in part because of tighter financial conditions and an associated moderation in the growth of aggregate demand, growth in employment would likely slow further in the period ahead," according to the minutes."They noted that this development would help bring labor demand and supply into better balance, reducing upward pressures on nominal wage growth and aiding the return of inflation to 2%.
on Wednesday, Isabella Weber of the University of Massachusetts Amherst and Mark Paul of Rutgers University observed that"the current inflation situation hasn't been about all goods in the economy getting more expensive at the same rate."
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