The Fed reassures:
Minutes of the Federal Open Market Committee March 22, 2005
[Oil Price: $55]
One source of upward pressure on inflation had been the rise in energy prices, and it seemed reasonable to expect that these prices would level out or even decline mildly ...
Minutes of the Federal Open Market Committee August 8, 2006
[Oil Price: $70]
Moreover, while energy prices had risen further in the intermeeting period, energy prices could well level out in coming quarters.
Minutes of the Federal Open Market Committee March 18, 2008
[Oil Price: $105]
Even with a substantial easing at this meeting, most members saw overall inflation as likely to moderate in coming quarters, reflecting a projected leveling-out of energy and commodity prices ...
Eventually, they'll get it right.
That last one should be "Oil Price $100 (or so?)" shouldn't it?
pseudonoise: thanks for catching that. it was a copy/paste error. now fixed.