The Federal Open Market Committee (FOMC) minutes from the March 18-19 meeting revealed a near-unanimous consensus among policymakers regarding heightened risks to the U.S. economy, specifically the potential for both elevated inflation and decelerated growth. The minutes acknowledged the possibility of “difficult tradeoffs” for the central bank in future policy decisions. The FOMC maintained the Federal Funds Target Range (FFTR) at 4.25%-4.50% during the meeting. The updated Summary of Economic Projections (SEP) reflected a discernible level of uncertainty within the Committee regarding the economic outlook.
