LAST MINUTE: The Much-Awaited Critical FED Meeting Minutes Have Been Released! Here Are All the Details

The minutes of the meeting containing the details of the FED's previous interest rate decision have been published.

The FED had decided to keep interest rates unchanged at the meeting in question. Here are all the details from the published minutes:

• Participants agreed that the increased uncertainty regarding the economic outlook warrants a cautious monetary policy approach.
• Participants reached a consensus that they are fully prepared to wait for greater clarity regarding the economic outlook.
• In discussions on policy strategy, officials emphasized the importance of inflation expectations.
• Participants indicated that they may face "difficult trade-offs" in the event of continued inflation and a deterioration in the growth and employment outlook.
• The weakness of the dollar has been linked to concerns about the impact of trade policy on economic growth.
• Officials stated that the increase in long-term returns is only partially due to high maturity premiums.
• Officials see a risk of weakening in the labor market in the coming months.
• The risks of higher inflation and unemployment have increased.
• Some officials stated that losing safe haven status could have long-term effects for the U.S.
• When inflation is high, the benefits of flexible average inflation targeting diminish.
• Almost all officials believe that inflation could last longer than expected.
• Some participants interpreted the changes in the typical correlations between asset prices in the first half of April.
• The committee voted in favor of extending the dollar and foreign exchange swap lines.
• Participants noted that a continuous change in this correlation or a weakening of the perceived safe haven status of U.S. assets could have lasting effects on the economy.
• Officials stated that the tariff policy has a greater impact on economic activity than previously anticipated.
• Officials unanimously agreed to wait for clearer guidance on inflation and the economic outlook.
• Participants believe that the uncertainty regarding the economic outlook is unusually high.