Federal Reserve Minutes: In times of uncertainty, it is appropriate to remain cautious.
The Federal Reserve is ready and waiting for the outlook to become clearer.
(The tariffs initiated by President Trump) are larger and more extensive than previously anticipated by the FOMC.
Officials are concerned that difficult trade-offs will be needed in the future (between employment and inflation targets).
Federal Reserve staff believe that the likelihood of an economic recession in the U.S. is nearly as high as mainstream expectations

Federal Reserve Minutes: In times of uncertainty, it is appropriate to remain cautious. The Federal Reserve is prepared and waiting for the outlook to become clearer. The tariffs (sparked by President Trump) are larger and broader than anticipated before the FOMC. Officials are concerned that difficult trade-offs will be needed in the future (between employment and inflation targets). Federal Reserve staff believe the likelihood of a recession in the U.S. is nearly as high as mainstream expectations

Minutes: The Federal Reserve is ready and waiting for the outlook to become clearer