Recent minutes from the Federal Open Market Committee reveal significant concerns among Fed officials regarding the potential impact of tariffs and policies from the Trump administration on inflation. Officials indicated a consensus to keep interest rates steady until there is clear improvement in inflation metrics. They highlighted that tariffs could contribute to rising consumer prices, which poses risks to their inflation control strategies. Despite some participants suggesting limited room for further rate cuts, others emphasized the need for more evidence of disinflation progress before making any rate adjustments. Overall, there is a cautious sentiment regarding the uncertainties created by trade and immigration policies, which could hinder the fight against inflation.