🤔 The March FOMC minutes indicate that inflation may take longer than expected to return to the 2% target, with risks skewed to the upside. Oil price hikes driven by the Middle East are adding to inflationary pressures and economic uncertainty. Participants were increasingly supportive of a “dual” policy approach, noting that rate hikes remain possible if inflation stays elevated, while rate cuts could be warranted if economic or labor conditions weaken, and some pushed back the expected timeline for cuts. #macro