RESOLVING THE LEDGER
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Last month, the Federal Reserve wrapped its first meeting with Jerome Powell's replacement, Kevin Warsh, at its head. The target rate remained unchanged at 3.5% to 3.75%, and the minutes, released a few weeks after the meeting, mostly read the way Federal Reserve minutes always do -- very dry.
But within them was an 11-word warning that investors should pay attention to now. Years of above-target inflation "could begin to affect inflation expectations and wage- and price-setting decisions." That may be dry central-banker language, but it could have major ramifications for the S&P 500 (SNPINDEX: ^GSPC) .
Here's how.
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