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Though policymakers expressed concern about the direction of inflation and the vagaries of trade policy, they nevertheless that economic growth was “solid,” the labor market is “broadly in balance” though risks were growing that it could weaken, and consumers were continuing to spend.

As it has done since the last cut in December, the FOMC kept its benchmark federal funds rate in target between 4.25%-4.5%.

“In considering the outlook for monetary policy, participants agreed that with economic growth and the labor market still solid and current monetary policy moderately restrictive, the Committee was well positioned to wait for more clarity on the outlooks for inflation and economic activity,” the summary said.

The post-meeting statement noted that “uncertainty about the economic outlook has increased further. Also, the committee said that its ability to meet its dual goals of full employment and low inflation have increased due to policy uncertainty.