The minutes from the Federal Reserve's late April meeting reveal a central bank grappling with inflation concerns, particularly due to rising oil prices linked to the ongoing conflict in the Middle East. While the Fed opted to maintain interest rates in the range of 3.50% to 3.75%, there was significant dissent among committee members, with four voting against the decision. Inflation currently stands at 3.8%, well above the Fed's target of 2%, raising fears that price pressures could persist. The minutes noted that participants expressed concerns that the geopolitical situation could lead to prolonged inflationary pressures, with supply chain disruptions and high energy costs contributing to the risk. Additionally, the Fed's GDPNow forecast for the second quarter has been revised upward to 4%, driven by strong consumer resilience and investment in technology, particularly in artificial intelligence. As the Fed prepares for new leadership under Kevin Warsh, market expectations are shifting towards potential rate hikes, complicating the central bank's strategy amid rising economic uncertainties.