Fed Minutes Cite Continued Inflation Concern

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Federal Reserve officials said inflation was a top concern at their Dec. 12 meeting, according to minutes of the Fed’s Dec. 12 meeting released Wednesday.Stock markets gave up some of their earlier big gains following the release of the minutes, the Associated Press reported. “All members agreed that the risk that inflation would fail to moderate as desired remained the predominant concern,” the Fed’s minutes said.“Looking over the next year or so, participants continued to expect the economy to expand at a rate close to or a little below the economy’s long-run sustainable pace,” the minutes stated.The Fed left the benchmark interest rate at 5.25% at the Dec. 12 meeting for a fourth straight time.(Click here for previous coverage.)