The FOMC Minutes from the April meeting fired a warning shot across the bow for bond investors and Fed Chair Kevin Warsh. Inflation concerns had already moved to center stage for many participants as early as April, according to the Minutes. Participants “generally” judged that elevated inflation could require keeping the fed funds rate unchanged longer than they had previously anticipated. A “majority” of participants highlighted that “some policy firming would likely become appropriate if inflation were to continue to run persistently above 2 percent”, while “many” would have preferred removing the easing bias from ... (full story)