Many policymakers would have preferred to remove easing bias from policy statement.
Majority of participants etc. some policy firming would likely become appropriate if inflation were to continue above 2%
Participants generally judge continued elevated inflation and uncertainty over Middle East could necessitate keeping current policy stance for longer than anticipated. Almost all participants supported maintaining fed funds target range at this meeting. Dispense generally observed Middle East conflict could have significant implications for balance of risks and appropriate policy path.
Several participants indicated rate cuts would be warranted later this year in a scenario in which conflict was resolved soon and inflation pressures dissipated. Some participants were concerned about scenario in which elevated energy prices and tariffs could result in inflation pressures becoming embedded more broadly. Fed staff economic Outlook projections was slightly stronger than for March meeting. eg Michalowski