Recent dot charts show a clear division within the Fed. Some policymakers expect two rate cuts this year, while others predict no rate cuts at all. Analysts at Morgan Stanley said they would look for clues that led to the divergence. More hawkish commissioners may say they are waiting for unemployment to rise, or that they need more time to assess the impact of tariffs and other fiscal policies on inflation. Powell has said he expects the inflationary effects of tariffs to show up this summer, and hinted that the only obstacle between the Fed and easing policy is the uncertainty of these price pressures. If the minutes show partial agreement with this view, it could signal a shift from the Fed to a more proactive stance. (Jin Shi)