Participants at the Federal Open Market Committee expressed some disagreement about the future path of US inflation, the minutes of its June 15–16 meeting show.

The FOMC approved a final statement that “inflation has risen, largely reflecting transitory factors”. The minutes, published on July 7,  say the meeting’s participants “generally expected inflation to ease” as the “transitory factors”, like supply bottlenecks and labour shortages, “dissipated”.

The committee concluded that “although