(Bloomberg) -- Here are key takeaways from minutes of the Federal Reserve’s March 21-22 meeting, released Wednesday:

• Policymakers scaled back expectations for interest-rate hikes this year after banking turmoil; officials stressed need to watch incoming data to see how deeply an anticipated credit crunch would slow economy, with some calling for flexibility on coming decisions
• March decision to raise interest rates by 25 basis points was unanimous among all 18 officials but reflected a middle ground, with one group of policymakers weighing a pause and another contemplating a 50 basis-point hike
• Fed staff projected a “mild recession” starting later in 2023, followed by a recovery in subsequent two years
• Officials judged the worst bank turmoil was likely limited to a “small number of banks with poor risk-management practices and that the banking system remained sound and resilient”
• Discussion noted risks to inflation in both directions, with resilient labor demand pushing prices higher but a credit crunch having potential to slow inflation

For Bloomberg’s TOPLive blog on the Fed minutes, click here

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