Federal Reserve officials spent much of the summer warning that bringing inflation back under control would come at a real cost, and by September the central bank had backed those words with action.  

Officials were particularly worried that persistently high inflation could become self reinforcing, with workers demanding higher wages and businesses raising prices simply because they expect inflation to stay elevated.  

The Fed went on to raise its benchmark rate for the first time in three years at its September meeting, with policymakers now debating how much further tightening will be needed to actually reach the 2% target. 

Finsum: Fed officials spent the summer warning that fighting inflation would be painful, and September's rate hike, the first in three years, showed they meant it.