FOMC minutes, 4 May, show worries over inflation

Minutes from the Federal Reserve's 4 May FOMC meeting released on 1 July showed that nearly two months before the Fed raised short-term interest rates on Wednesday, some board members made it clear that they were more worried about inflation than Alan Greenspan was.

"Some members saw underlying inflation as relatively stable and put low odds on the probability that prices now were accelerating," the minutes recounted. "Others, however, were less confident about the degree of restraint on price