Two big revelations have emerged from the Fed minutes of the latest FOMC meeting. First, the Fed members believe that the disinflation process may take longer than anticipated, and second, some members are of the view that rate hikes might be needed to keep inflation below the 2% target. Inflation has remained sticky for most of 2025. The all-items index rose 2.4 percent for the 12 months ending January, after rising 2.7 percent for the 12 months ending December. The all items less food and energy index rose 2.5 percent over the last 12 months.