The Fed won't consider interest-rate increases until the labor market heals further, even though inflation may run hot for months.

Officials seemed to be trading based on insider knowledge; spokespeople claim the moves were a "pre-planned rebalancing."

In addition to slow recovery in the labor market, supply-chain bottlenecks and inflation have been 'longer-lasting' than expected, according to Fed Chair Powell.

July FOMC minutes show consensus around curtailing asset purchases starting soon, though disagreement on how to carry out the taper.

As central banks place a greater focus on crisis recovery and policy agendas, such as fighting inequality, they put at risk their rates flexibility.

Majority consensus projects two interest rate hikes in 2023, although 7 of 18 FOMC officials would like to raise rates next year.

Powell plays down inflation concerns, while acknowledging that prices have risen more quickly than expected.

As the economy improves, the FOMC looks at winding down its Covid-related support—and eventually raising interest rates.