The Federal Reserve's March meeting minutes reveal a consensus among participants on the need to adjust monetary policy due to ongoing economic conditions. A significant majority agreed it would be prudent to begin reducing the pace of the balance sheet runoff fairly soon, favoring a reduction of the monthly asset runoff pace by roughly half. This adjustment primarily involves Treasury securities, with little need seen to alter the pace for mortgage-backed securities. The minutes also highlighted a general concern over the persistence of high inflation and the uncertainty surrounding it, noting the disinflation process is expected to be somewhat uneven. Despite some recent data, there was no increased confidence that inflation is moving sustainably towards the Fed's 2% target. Almost all participants viewed a rate cut as appropriate sometime this year, indicating a shift towards a less restrictive policy stance to better balance the risks to achieving employment and inflation goals. Additionally, some participants noted concern that financial conditions might not be as restrictive as desired.