Fed Officials Express Resolve to Address Inflation Risks

Federal Reserve Chairman Jerome Powell speaks after President Joe Biden nominated him to continue as Chair of the Board of Governors of the Federal Reserve Systems during an event at the White House in Washington on Nov. 22, 2021. Jim Watson/AFP via Getty Images

WASHINGTON—Federal Reserve officials in discussions earlier this month said the central bank “would not hesitate” to take appropriate actions to address inflation pressures that posed risks to the economy.

In minutes released Wednesday of the Fed’s Nov. 2-3 meeting, Fed officials maintained that the spike in inflation seen this year was still likely to be transitory while acknowledging that the rise in prices had been greater than expected.