The meeting minutes emphasized that the Federal Reserve will remain patient. Almost all members are concerned that inflation will be more stubborn than expected.

According to the meeting minutes released by the Federal Reserve on Wednesday, policymakers generally believe that economic uncertainty supports their patience in interest rate adjustments. Officials pointed out that since the last meeting in March, both inflation and unemployment risks have increased due to the potential impact of tariff policies, which could put the Fed in a dilemma between the two policy goals of "stable prices" and "maximum employment". The meeting minutes show that "considering that economic growth and the job market remain strong, and with the current monetary policy in a moderately tight state, participants unanimously believe that the Federal Open Market Committee is in a favorable position to wait for clearer inflation and economic prospects before taking action." The meeting minutes also show that Fed researchers have lowered their economic growth expectations for 2025 and 2026 to reflect the currently announced trade policies. They also predict that the job market will experience "significant weakness", with the unemployment rate expected to rise above the so-called "natural unemployment rate" this year and remain high until the end of 2027. At the same time, tariffs will significantly raise inflation levels in 2024.