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CPI came in as expected this morning with a 3.5% YOY gain, and the core stayed at the same 3.8% from last month’s reading.  AN hour or so after that, the most recent FOMC meeting minutes were released, giving insight into the Fed’s minds and plan of attack.  Here are some bullet points:

*Appropriate to pivot to a less-restrictive monetary stance later in the year
*Uneven disinflation process
*Not confident that inflation is heading down to 2.0%
*Inflation is persistent
*Current geopolitical risks pose additional supply chain concerns, which would drive prices higher
*Some financial arenas may not be constrictive enough yet, which have brooded bulging price accommodations

That red bar on the far side of the graph isn’t really what we want to see, and it may take a month or so to recuperate today;s losses.