The release of the minutes from the Fed's May meeting struck a similar tone to one Fed officials have been touting in recent weeks: Inflation isn't falling as fast as initially hoped.
Participants noted that they "continued to expect that inflation would return to 2 percent over the medium term. But recent data hadn't "increased" confidence, and therefore, they believe "the disinflation process would likely take longer than previously thought."
Also in the minutes, various participants mentioned a "willingness" to tighten policy "should risks to inflation materialize in a way that such an action became appropriate."
Markets moved hit their lows of the day following the release with the S&P 500 (^GSPC) falling about 0.4%.