Morgan Stanley

Welcome back, Opening Bell crew. I'm Phil Rosen, reporting from New York City. 

This morning I'm thinking about Joseph Heller's 1961 book "Catch-22." Since it came out, the name's become a colloquial way of describing a snafu defined by conflicting ideas. 

Heller coined the term in describing a soldier who wishes to stop flying dangerous combat missions. 

But soldiers can only be grounded if they are found "unfit to fly." 

Happy Friday eve, team. Phil Rosen here. Did you catch yesterday's Fed minutes release? 

It looks like central bank officials unanimously agreed that the last rate hike of 25 basis points was the appropriate size, and that slowing down the pace would "better allow them to assess the economy's progress."

But several participants would have also backed a half-point hike, the minutes showed. 

That tells us we should be taking the Fed at its word: The inflation battle isn't over.