Bond traders seem to be betting that rates may already be close to a level that keeps inflation down and the labor market strong.

Kai Ryssdal spoke with Daniel Tarullo, who served on the Federal Reserve Board for more than eight years, about growing dissent within the FOMC.

The minutes are dry, but they contain clues about what the central bank might do next.

It’s the first time since 1993 that multiple FOMC members have voted against a rate decision.

The project has exceeded its initial budget. But what the Trump adminstration really wants is lower interest rates.

Unfortunately, even hard data may not help them get a clear picture of what’s going on in this economy.

“We’re closer to the neutral rate, which is another reason to be cautious about further moves,” said Fed Chair Jerome Powell.

While there’s a lot of new economic data coming out between now and then, it will probably be relevant for later Fed meetings.

Despite the CPI coming in unexpectedly low, the Federal Reserve needs more convincing that inflation is really getting better.

The latest jobs report is unlikely to change the Fed’s mind when they meet Tuesday and Wednesday.