Federal Reserve minutes indicate worries over lack of progress on inflation

Federal Reserve officials grew more concerned at their most recent meeting about inflation, with members indicating that they lacked the confidence to move forward on interest rate reductions.

"Participants assessed that maintaining the current target range for the federal funds rate at this meeting was supported by intermeeting data indicating continued solid economic growth," the minutes said. "Many participants noted signs that the finances of low- and moderate-in-come households were increasingly coming under pressure, which these participants saw as a downside risk to the outlook for consumption," the minutes said."They pointed to increased usage of credit cards and buy-now-pay-later services, as well as increased delinquency rates for some types of consumer loans.

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