Five Things You Need to Know to Start Your Day

Fed minutes, China/US relations and European inflation.

Federal Reserve officials agreed last month on the need to eventually dial back the pace of interest-rate hikes but also wanted to gauge how their monetary tightening was working toward curbing US inflation, according to minute of the last policy meeting. Meanwhile, an analysis by Bloomberg Economics suggests that the Fed has lost control of inflation, and that the cost of bringing it back on target may well be a recession.