Fed meeting notes concern over easing environment and policy uncertainty

On May 23rd, the Federal Reserve released its May meeting notes, and the tone looks tough, and interest rate hikes do not seem as far-fetched as Powell said. The meeting notes show that participants are willing to tighten monetary policy further if necessary; many officials are unsure how restrictive the policy will be. < b > "If necessary" is an important qualifier. Nonetheless, the uncertainty about how much policy will actually limit the economy means that further tightening is really not on the table.