Headline from Fed minutes: Several participants indicated they would have supported a two-sided description of future rate decisions, reflecting the possibility that upward adjustments could be appropriate.

This is the first commentary from anybody at the Fed about the possibility of rate increases in years. It becomes a significant talking point.

Concerns that disinflation could be slower than expected due to tariff price increases not fading fast, additional demand from tax refunds and AI spending pushing prices higher.

Americans (companies and consumers) bear 90% or more of tariff costs, consistent with multiple studies.

Technology-driven productivity can increase, but question is adoption speed/depth to drive it significantly higher.