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The March statement of the Federal Open Market Committee showed that Fed officials think inflation is picking up.

The new statement reflected members’ views that “inflation has increased in recent quarter moving close to the Committee’s 2 per cent longer-run objective” from its previous assessment that inflation “is still below” the Fed’s target. However, they did note core inflation, which excludes more volatile items like food prices and energy, was little changed.

The statement also showed that members were more upbeat on business investment and that Minneapolis Fed head Neel Kashkari was the sole dissenter at the March meeting.

The folks at TD Securities highlight how the statement changed.

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