Growing concern about inflation persistence amid trade policy uncertaintyMajority of participants noted outlook for real GDP growth weaker than January projectionsSeveral participants expressed worry that inflation could remain higher than expectedAlmost all participants viewed risks tilted to the upside for inflation, downside for employmentCommittee agreed on cautious approach due to high policy uncertaintyMost participants supported slowing balance sheet runoff to mitigate reserve scarcity risksConsumer spending shows signs of moderating from previous rapid paceParticipants observed potential inflationary effects from tariffs could be more persistent than projectedMany participants reported business contacts pausing investment plans due to policy uncertaintyFOMC was well-positioned to wait for more clarity on economic outlook, minutes show
Everything is about the tariffs right now. The minutes don't matter.
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