Federal Reserve officials anticipated that the recent collapse of Silicon Valley Bank was likely to weigh on inflation and the broader U.S. economy, with central bank staff forecasting a "mild recession" later this year, according to minutes of their last policy meeting in late March released on Wednesday.
Why it matters: The minutes offer the most detailed accounting yet of deliberations to push ahead with another rate hike in the wake of bank failures that spooked the financial system — and the risks they viewed for the economy.
