"We have got to get inflation behind us. I wish there were a painless way to do that. There isn't."

Fed Governor Christopher Waller believes the central bank can control inflation without inflicting a "painful" spike in unemployment. Others say his analysis "contains misleading conclusions, errors, and factual mistakes."

As the Fed works to rein in inflation, it risks undermining the bargaining power workers have gained since the start of the pandemic.

Fed Chair Powell says 75 bps or 50 bps hike is likely in July, setting a "flexibly hawkish" tone for near-future rate policy.

Minutes from the meeting earlier this month indicate the Fed will continue large interest rate increases in the short term, but will reconsider that strategy this fall.

The Fed splashes cold water on the idea of a shock-and-awe rate hike of 75 basis points.

Fed risks shattering pro-jobs policy by taking a hammer to prices.

"When you have to use a brute-force tool, sometimes there's some collateral damage. ... We're trying to do this in a way that there's not much of it, but we can't tailor policy."