Fed policymakers have signaled their concern over a precarious economic situation characterized by both rising inflation and sluggish growth. The Federal Open Market Committee (FOMC) nearly unanimously agreed on March 18-19 that the U.S. economy faces simultaneous challenges of inflationary pressures and slowing economic activity. Several policymakers even raised concerns about difficult trade-offs facing the Fed. Following the initial tariff plans by former President Trump, which introduced an element of uncertainty into the economic outlook, participants adopted a cautious approach, highlighting heightened uncertainty. If inflation remains elevated, the Fed may be compelled to maintain higher interest rates for an extended period; however, if the economy weakens significantly, the Fed might need to consider rate cuts as a potential response. The majority of attendees believe that inflationary risks pose a greater threat than potential employment losses.