Fed releases March 17–18 minutes; officials flag higher inflation risk

The Federal Reserve has released the minutes of its March 17-18 meeting, and the document shows policymakers were more worried about inflation staying elevated.

The minutes say the vast majority of participants judged the risk of inflation running persistently above the committee's objective had increased. Officials pointed to higher oil prices tied to events in the Middle East, along with tariff effects, as key risks.

The release arrived on Wednesday at 2 p.m. ET and was followed quickly by wire reporting that some policymakers supported changing the post-meeting statement to reflect the possibility of a future rate hike.

The minutes give markets a clearer read on how the Federal Open Market Committee was thinking about the economy after its March meeting. They suggest the committee was balancing inflation concerns against the path for policy.

For investors, the takeaway is a more hawkish tone inside the committee than a simple reading of the March statement may have implied.