Federal Reserve officials discussed the possible effects of potential changes in trade and immigration on the economy and the difficulty in assessing between persistent changes in inflation and temporary ones,

Federal Reserve officials in January agreed they would need to see inflation come down more before lowering interest rates further, and expressed concern about the impact President Donald Trump’s tariffs would have in making that happen,

Federal Reserve officials indicated last month that they needed to see “further progress on inflation” before any new interest rate cuts, as the US central bank kept monetary policy steady in the face of high uncertainty over the outlook.