Fed Minutes Show Commitment to Price Stability, Broad-Based Price Increases

The Federal Reserve reaffirmed its commitment to price stability.

Minutes of the July Federal Open Market Committee meeting, released on Aug. 19, showed that nearly all participants judged it appropriate to retain language in the policy statement pledging to achieve price stability.

Many participants said price increases over the past year had been broad-based across a range of goods and services. Some also judged that underlying inflation pressures remained elevated even excluding the effects of energy and tariffs.

The committee did not reach a conclusion on whether to adjust the number of its annual policy meetings. Fed Chair Kevin Warsh said this year's scheduled meetings would remain unchanged.