The rising US inflation rate is dampening policy makers’ appetite for more Fed rate cuts, even if the economy sinks into a recession, according to recently released minutes of its last policy meeting. This from MarketWatch:

Surging prices for gasoline, food and other commodities forced the Fed to sharply boost its inflation outlook for this year, but not for next year. At the same time, their forecast for economic growth this year was revised much lower this year, with a rebound next year still in the cards.