The setting of the FOMC early this month was one of inflation as the core PCE price index jumped 3 tenths to 1.9 percent just before the meeting. In response, the FOMC emphasized the "symmetric objective" of their price targeting, that they would not let inflation run too far beyond their 2 percent goal but that a little overshooting is still consistent with their policy. Though members generally expected inflation to remain near 2 percent, there was talk that another rate hike would coming be "soon" which was and also is consistent with market expectations for a hike at the June meeting.
Concerns over tariffs and the risk of trade wars were limited though rising Treasury yields did catch their attention with members stressing the importance of a stable yield curve, that short rates shouldn't rise in excess of long rates. Otherwise there was very little change: members agreed the economy was growing at a moderate rate and that the labor market continued to strengthen.
Since the meeting, inflation concern has eased following a run of soft data and the yield curve has held steady, posing no recession signal. There is no immediate reaction in the bond market to the minutes with the 10-year yield holding at 3.02 percent.