WHEN TO REVERSE COURSE: Divisions emerged over when the Federal Reserve should start tightening credit to prevent inflation from taking off. A few members suggested action this year. Others, however, thought rates would need to stay at record low beyond this year to support the recovery.
RISKS FROM BOTH SIDES: Fed officials raised concerns that a big jump in energy prices could both weaken the economy and unleash inflation.
CLOSE EYE ON INFLATION: For now, the Fed predicts the run-up in oil prices will have only a modest impact on consumer prices.