The Federal Reserve’s March meeting minutes, released April 9, showed officials kept the benchmark rate unchanged at 3.5% to 3.75% while debating whether future policy should allow for either rate cuts or rate hikes. According to the minutes from the March 9 meeting, more officials backed adding two-way guidance on future rate decisions. Most participants cited labor market risks tied to the Iran war, while many also stressed inflation risks that could justify tighter policy, highlighting continued uncertainty over the U.S. rate path.