WSJ Fed insider - Fed officials expressed concern ... over persistently high inflation

Nick Timiraos, at the Wall Street Journal, has earned a reputation as a guy to watch for Fed leaks.

He has a piece up in the Journal reviewing the Federal Open Market Committee (FOMC) minutes that were published on Wednesday.

Minutes ICYMI:

• FOMC minutes: Many saw holding rates for 'some time' after reaching sufficient level

Timiraos, in brief:

• Federal Reserve officials expressed concern at their meeting last month over the persistence of high inflation, underscoring their intention to continue raising interest rates in large steps despite the pain that could cause.
• Policy makers revised higher their expectations for rate increases, though some signaled caution about overdoing them amid risks of economic and financial volatility

Link is here (gated) for more.

• Fed Minutes Show Concerns of More Persistent High Inflation

His assessment is not unusual:

• TD forecasts +75bp Fed rate hike in November, +50 in December. Terminal 5% by March 2023

• JP Morgan forecast Fed's upper band of target range to 4.75%, and stay there through 2023

And, we have the latest in 'must watch' data due later Thursday, the CPI data for September :

• Goldman Sachs have an above consensus forecast for September US CPI (data due on Thursday)

• Do you have your CPI trading playbook ready for tomorrow's big release?
• Preview: What's expected for Thursday's pivotal US CPI report
• All eyes will be on US CPI data this week, due on Thursday 13 October 2022 - preview
• It sounds like the White House is softening us up for a high CPI number on Thursday