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Inflation clouds way forward, per FOMC

The Federal Open Market Committee said the ongoing high inflation and recent economic data have not indicated that inflation is reaching the Committee’s target of 2%, according to the March FOMC minutes that was released today. At the last FOMC meeting the target range was voted to remain at 5.25% to 5.5%.

The FOMC minutes reveal that the Committee believes the monetary policy tightening has reached its peak. The next FOMC meeting is April 30-May 1.

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