https://www.wsj.com/articles/SB114054831250279276
Fed Minutes Indicate Inflation Still a Worry for Some Officials
By Greg Ip
Feb. 22, 2006 12:01 am ET
WASHINGTON – Some Federal Reserve officials think the current level of inflation is too high, reinforcing the likelihood that interest rates are headed higher, minutes to the Fed's Jan. 31 meeting show.
The Fed raised its target for the federal-funds rate, charged on overnight loans between banks, to 4.5% from 4.25% at the Jan. 31 meeting, the last led by Alan Greenspan. In an accompanying statement, it said more increases "may be needed" to keep inflation in check. Ben Bernanke, who did not attend that meeting but was sworn in as Fed chairman the following day, endorsed that statement in testimony to Congress last week.