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Central BanksMedium•18 February 2026•

1 min read

FOMC Minutes Reveal Inflation Concerns, Signaling Delayed Rate Cuts

A man with gray hair in a suit looks forward, with a burning building behind him. Financial charts and gauges are overlaid.

The latest FOMC minutes revealed a cautious stance among Federal Reserve policymakers regarding the trajectory of inflation. Officials warned that progress toward the 2% target could be slower and more inconsistent than previously anticipated. Recent data shows the core PCE inflation rate holding at 2.8% year-over-year, reinforcing the need for sustained restrictive policy. Committee members expressed greater concern over persistent price pressures than potential risks to the labor market. This hawkish tone suggests that interest rates may remain 'higher for longer' to ensure price stability. Consequently, markets are adjusting expectations for the timing of the first rate cut, which typically strengthens the US Dollar while weighing on Gold and equities.