The Fed reported that the minutes from the March meeting show that most participants believe the process of inflation returning to 2% may be slower than previously expected, and the risk of inflation remaining above the target has increased; the rise in oil prices caused by the Middle East situation is considered to potentially push up inflation, while also increasing economic uncertainty and downward risks; regarding policy paths, an increasing number of participants believe there is sufficient reason to adopt a "dual" approach, meaning that if inflation does not significantly decline, rate hikes are not ruled out, but if the economy or employment weakens, rate cuts may be necessary. Some participants have already further delayed their expectations for the timing of rate cuts.