The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the “Minutes” of the Committee meeting held on March 15, 2011. The Minutes showed that “The information reviewed at the March 15 meeting indicated that the economic recovery continued to proceed at a moderate pace, with a further gradual improvement in labor market conditions. Sizable increases in prices of crude oil and other commodities pushed up headline inflation, but measures of underlying inflation were subdued and longer-run inflation expectations remained stable. ”
The FOMC minutes can be viewed here.