After several bank closures, potentially more banking instability in the wings, a debt limit crisis, a stubborn labor market, and inflation that doesn't seem to be in a hurry to exit the stage, the Federal Reserve is trying to manage through a lot of uncertainty. That includes what the long-term inflation rate should be as well as whether a pause in interest rate hikes will happen in June.

In the released minutes from the May Federal Open Market Committee, the talk was repeatedly about getting inflation back down to the long-touted 2% target. In the 12 pages, the figure came up 14 times, with repeated mentions of the extent to which "additional policy firming may be appropriate to return inflation to 2 percent over time" and "All members affirmed that they are strongly committed to returning inflation to their 2 percent objective."

But the fixation on 2% inflation has been increasingly questioned, especially last fall as one voice after another suggested that a slightly higher figure would offer more room for monetary policy to be effective. While the figure for the Fed has previously provided a point of public solidarity, there are cracks in the surety and support within the organization.