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Deep divisions over the future path of inflation have emerged inside the Federal Reserve, meeting minutes show, placing Chair Kevin Warsh at the head of a table that cannot agree on what comes next.
The majority of policymakers expected inflation to ease. The case for that outcome rested on two conditions: gas prices would cool and the impact of tariffs would fade.
The consensus and its conditions The minutes indicate that policymakers generally expected inflation to decline. The word generally does real work.
It signals a prevailing view without a unanimous one, and that gap is where the division lives.
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