The war between the U.S. and Iran is driving headline inflation numbers primarily through its impact on energy prices.

The Federal Reserve's Summary of Economic Projections (SEP) was first introduced under Chairman Ben Bernanke after the start of the great financial crisis.

Michael McKee believes that new Federal Reserve Chair Kevin Warsh may need to raise interest rates to combat inflation, which would be the opposite of what President Trump has stated he wants.

A few Federal Reserve participants worried about hedge fund participation in the Treasury market, noting that an unwinding of leveraged positions could generate broader financial market pressures.

Federal Reserve meeting participants expressed concern about potential losses in private credit that might lead to a broad credit contraction.