The latest round of tariff threats from President Trump could spark fresh concerns about inflation, which might force the Federal Reserve to maintain its wait-and-see posture on interest-rate cuts, sa

The minutes reveal more closely the behind closed doors thinking between the U.S.’ top policymakers with the Fed under barrage from the White House.

While generally saying the labor market remains solid and inflation elevated but showing progress toward the Fed’s 2% annual target, the minutes reflect a mixed assessment of whether the tariffs will spur inflation or be more of a one-time hit that will not lead to higher long-term price increases.