Officials at the Federal Reserve have adopted a wait-and-see approach to policy moves amid extreme uncertainty about the economic outlook.

U.S. Federal Reserve officials at their last meeting acknowledged they could face "difficult tradeoffs" in coming months in the form of rising inflation alongside rising unemployment, an outlook buttressed by concerns about financial market volatility and Fed staff warnings of increasing recession risk,

Behind the scenes, officials at the Federal Reserve were just as uncertain about the economy's trajectory as they were in public, meeting minutes confirm.