Fed minutes reveal worries over inflation, housing

The minutes of the latest monetary policy meeting of the Federal Reserve contained few surprises, but underlined the fact that policymakers remained concerned about an "upward drift in inflation expectations".

The minutes from the 9 May meeting of rate-setting Federal Open Market Committee (FOMC), released on 30 May, states that "some [FOMC members] noted that a failure of inflation to moderate could entail significant costs, particularly if it led to an upward drift in inflation expectations.