The Federal Reserve's meeting minutes reveal that many participants noted that while long-term Treasury yields have risen recently, the overall financial environment still supports economic expansion. A few participants mentioned that the U.S. Treasury market continues to operate smoothly but emphasized the importance of proactively preparing for potential market pressures. Fed officials stated that future rate adjustments should be based on upcoming economic data. Several officials believe the current policy stance has not yet reached a sufficiently restrictive level, and over the past few months, efforts to bring inflation down have not achieved the expected results. Additionally, multiple officials mentioned that the likelihood of further tariff increases in the future has risen, which could heighten the risk of inflationary pressures. Moreover, Fed officials generally predict that inflation levels will remain elevated in the short term.