The Federal Reserve has released minutes from its recent interest rate decision meeting. Key takeaways include: participants expressed heightened uncertainty about the economic outlook and agreed a cautious monetary policy approach is necessary. The Committee emphasized the importance of inflation expectations and acknowledged the possibility of ‘difficult trade-offs’ if inflation persists while economic growth and employment suffer. The weakening dollar has been linked to concerns about trade policy’s impact on economic growth, and increased long-term yields were attributed in part to higher maturity premiums. Officials expressed concern over potential labor market weakness and heightened risks of both high inflation and unemployment. Some officials voiced apprehension about losing safe-haven status for the US economy. The Committee extended dollar and foreign exchange swap lines and awaited clearer guidance on inflation and the economic outlook before adjusting policy. This uncertainty remains unusually high, according to respondents. *Disclaimer: this is not investment advice.*