Quote:
Participants agreed that the uncertainty associated with their economic outlooks was high and that risks to their inflation outlook were weighted to the upside.
Participants broadly judged the risks to real GDP growth to be weighted to the downside.
https://www.federalreserve.gov/monetarypolicy/fomcminutes20220921.htm
A positive CPI print may catch the Fed offsides on their risk profile of inflation vs recession concerns.