The minutes of the meeting containing the details of the FED's previous interest rate decision have been published. The FED had decided to leave interest rates unchanged at the meeting in question. Here are all the details from the published minutes: Participants agreed that uncertainty about the economic outlook has increased and that a cautious monetary policy approach is appropriate. Participants agreed that they were fully prepared to wait for greater clarity on the economic outlook. In discussions of policy strategy, officials emphasized the importance of inflation expectations. Participants said they may face “difficult trade-offs” if inflation persists and the outlook for growth and employment worsens at the same time. The weakness in the dollar has been attributed to concerns about the impact of trade policy on economic growth. The increase in long-term yields was only partly due to higher maturity premiums, officials said. Authorities see a risk of weakening the labor market in the coming months. The risks of higher inflation and unemployment have increased. Some officials said losing safe-haven status could have long-term implications for the United States. When inflation is high, the benefits of flexible average inflation targeting are diminished. Almost all authorities believe that inflation may persist longer than expected. Some participants commented on changes in typical correlations between asset prices in the first half of April. The Committee voted to extend the dollar and foreign exchange swap lines. A sustained change in this correlation or a weakening of the perceived safe-haven status of U.S. assets could have lasting effects on the economy, participants said. Officials said tariff policy was having a greater impact on economic activity than they had anticipated in their previous forecasts. Officials unanimously agreed to wait for clearer guidance on inflation and the economic outlook. Respondents find uncertainty about the economic outlook to be unusually high. *This is not investment advice.