Key note for the FOMC members. Uncertainty around government policies will force the Fed to move with cation in the months ahead:

• "Participants remarked that uncertainty about the net effect of an array of government policies on the economic outlook was high, making it appropriate to take a cautious approach. Emphasizing that uncertainty, a majority of participants noted the potential for inflationary effects arising from various factors to be more persistent than they projected."

Minutes suggest the Fed is worried more about inflation than growth or employment.

• "Some participants observed, however, that the Committee may face difficult tradeoffs if inflation proved to be more persistent while the outlook for growth and employment weakened. Several participants emphasized that elevated inflation could prove to be more persistent than expected.”