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.