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Federal Reserve Chairman Jerome Powell

Federal Reserve Chairman Jerome Powell

Photographer: Andrew Harrer/Bloomberg

Inside the Fed’s March Meeting: The Annotated Minutes

How to balance tax cuts and trade wars.

New Fed Chair Jerome Powell presided over his first interest rate increase in March when monetary policymakers unanimously voted to lift the central bank’s rate to a range of 150 to 175 basis points—and hinted at more tightening to come.

With Wednesday’s release of minutes from that meeting, we’ll get a sense of how they’re grappling with the two biggest unknowns in the Fed’s outlook: how much the tax overhaul bill can juice growth, and how much a trade fight could weaken activity.