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Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

Fed Minutes Show Continued Concern On Inflation [MarketWatch.com]

Summary: In October's Federal Reserve minutes, released yesterday, officials remained concerned about inflation. Although there was an improvement in CCI, "nearly all FOMC members viewed the current rates of core inflation as uncomfortably high and stressed the importance of further moderation," they said. "Some" FOMC members said that the upside risks to inflation had declined, and the risks had come down "only slightly." About housing, they said the decline in housing activity is unfolding as expected and that the "risk of an even larger contraction in this sector had ebbed." The Fed admitted its views had not changed substantially; at the Oct. 25 meeting, they left the benchmark short-term rate unchanged at Fed Minutes Bernanke 16 11 065.25%. Things could change: "Members noted that a significant amount of data would be published before the next FOMC meeting in December, giving the committee ample scope to refine its assessment of the economic outlook before judging whether any additional firming was needed to address those risks." The markets reaction to the release was muted.
Related links: Media coverage: WSJ. Commentary: David Fry's Daily Market OutlookHousing Bubble and Real Estate Market TrackerJohn Hussman: Low Yields Precede Market HostilityEvil Inflation -- Or Is It?
Potentially impacted stocks and ETFs: S&P 500 Index (NYSEARCA:SPY) • NASDAQ 100 Trust Shares ETF (QQQQ) • iShares Russell 2000 Index ETF (NYSEARCA:IWM) • iShares Lehman 1-3 Year Treasury Bond ETF (NYSEARCA:SHY) • iShares Lehman 7-10 Yr Treasury Bond ETF (NYSEARCA:IEF) • iShares Lehman 20+ Year Treasury Bond ETF (NYSEARCA:TLT)

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Source: Fed Minutes: Watching Inflation, Comfortable With Housing