The Federal Open Market Committee (FOMC) minutes reveal that Federal Reserve officials are grappling with uncertainty regarding the degree of policy restrictiveness and the impact of high interest rates. Despite disappointing inflation readings in the first quarter, many officials are willing to tighten monetary policy further if necessary. The minutes indicate that some officials believe high interest rates are having a smaller effect than previously anticipated and that long-run rates may be higher than previously thought. Additionally, participants noted that it would take longer than expected to gain confidence in inflation moving sustainably to the 2% target. The future policy path will depend on incoming data, the evolving outlook, and the balance of risks. Almost all participants supported slowing the pace of the central bank's securities holdings decline, though a few preferred maintaining the current pace. Some officials expressed concerns about financial conditions and the commercial real estate sector.