FOMC minutes: Almost all members agreed it would be appropriate to pivot dovishly in 2024

• Consumer price inflation continued to decline, but recent progress was uneven.
• Disinflation process was continuing along a path that was generally expected to be somewhat uneven
• Participants generally judged that risks to the achievement of the
  Committee’s employment and inflation goals were moving into better
  balance
• Participants generally noted their uncertainty about the persistence of
  high inflation and expressed the view that recent data had not increased
  their confidence that inflation was moving sustainably down to 2%
• A few participants remarked that they expected core nonhousing services
  inflation to decline as the labor market continued to move into better
  balance and wage growth moderated further
• Participants discussed the still-elevated rate of housing services
  inflation and commented on the uncertainty regarding when and by how
  much lower readings for rent growth on new leases would pass through to
  this category of inflation
• Some participants noted that increased immigration, which had likely been
  boosting the growth of personal consumption spending, may also have
  been adding to the demand for housing
• Many participants pointed to indicators such as higher credit card
  balances, greater use of buy-now-pay-later programs, or rising
  delinquency rates on some types of consumer loans as evidence that the
  finances of some lower- and moderate-income households might be coming
  under pressure
• The economic projection prepared by the staff for the March meeting was
  stronger than the January forecast. The upward revision in the forecast
  primarily reflected the staff’s incorporation of a higher projected path
  for population due to a boost from immigration.

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This article was written by Adam Button at www.forexlive.com.