FOMC Minutes "Near-term inflation outlook had deteriorated" https://www.calculatedriskblog.com/2022/07/fomc-minutes-near-term-inflation.html

"the near-term inflation outlook had deteriorated since ... the May meeting."

"participants judged that an increase of 50 or 75 basis points would likely be appropriate at the next meeting."

Goldman: The peak for core PCE inflation has likely peaked. The goods inflation surge caused by shortages and rising commodity prices should moderate.

But "we expect year-on-year core CPI inflation to meaningfully reaccelerate in late summer" before falling to 5.5% in December.