BlockBeats News, May 21st, Wall Street Journal reporter Nick Timiraos, known as the "Fed Whisperer," stated that Federal Reserve officials have almost stopped discussing the issue that has dominated policy debates over the past two years, namely, whether to cut interest rates, and have instead started to more seriously consider the opposite direction at last month's meeting: whether to raise interest rates.

The April policy meeting minutes showed: "Most participants emphasized that if inflation continues to stay persistently above 2 percent, further policy tightening might become appropriate." The April meeting was Powell's last meeting as Fed chair, and the minutes underscored how the Middle East conflict reshaped the rate-setting committee's outlook.