FOMC minutes show greater risks to the U.S. economy from the global growth slowdown and muted inflation readings.

The Wall Street Journal reports Fed Minutes: Officials See Little Need to Change Rates This Year.

Minutes of the March meeting released Wednesday showed officials see little reason to continue raising rates due to greater risks to the U.S. economy from the global growth slowdown and muted inflation readings that took more officials by surprise.

"A majority of participants expected that the evolution of the economic outlook and risks to the outlook would likely warrant leaving the target range unchanged for the remainder of the year," the minutes said.

At the same time, the minutes show officials didn't perceive any need to cut their benchmark rate absent a broader deterioration in the economy. Officials said their view of the appropriate setting for interest rates "could shift in either direction based on incoming data and other developments."

Since officials last met, President Trump has said he would like to see the Fed undo its last two rate increases. Fed officials have said they will base their decisions on the economic outlook and not political pressure.

No Recessions As Far As the Eye Can See

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Ridiculous Models

The weakness of inflation pressures given a strong job market and accelerating output last year has puzzled Fed officials. At last month's meeting, they discussed reasons that inflation might have been more muted, including the prospect that the estimated level of unemployment rate consistent with stable prices is lower than previously thought.