The Fed is worried that it won't achieve one of its key objectives for a while

Many Federal Reserve officials are concerned that inflation will remain lower for longer, according to minutes of the policy meeting they held in September. The textbook stipulation that low unemployment should push up worker pay, spending, and, subsequently, prices is not showing up as obviously as it should. "Many participants expressed concern that the low inflation readings this year might reflect not only transitory factors, but also the influence of developments that could...