Washington CNN —Federal Reserve officials said during their March policymaking meeting that inflation will likely continue to slow this year, according to minutes released Wednesday, but some still fretted over the possibility that inflation could remain stubbornly high. While Fed officials “observed that significant progress had been made over the past year” despite disappointing inflation readings for January and February, some also “noted that the recent increases in inflation had been relatively broad based,” the minutes said. The Fed kept its key interest rate at a two-decade high for the fifth straight meeting last month, at a range of 5.25-5.5%. The odds that the first rate cut will come in June also dropped after CPI was released, according to futures. Goldman Sachs pushed back its call for the first rate cut to July from June and Bank of America is now projecting a June rate cut with “low confidence.”“The likelihood of a June Fed rate cut declined materially today,” Ronald Temple, chief market strategist at Lazard, said in a note Wednesday.

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Persons: “, Jerome Powell, Goldman Sachs, ”, ” Ronald Temple, Powell Organizations: Washington CNN — Federal, Fed, CPI, Bank of America, Lazard, “