Minutes from the latest meeting of the Federal Reserve Open Market Committee (FOMC) show the U.S. central bank is still surprised by persistently high inflation, after members initially characterized the price increases as a short-term phenomenon. Expectations of Fed bankers came in low in September as consumer inflation hit 8.3 percent annually in August, down almost a full percentage point from a recent high of 9.1 percent in June but still hovering around 40-year highs. Participants in the meeting “commented that recent inflation data generally had come in above expectations and that, correspondingly, inflation was declining more slowly than they had previously been anticipating
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