HSBC economist Ryan Wong on CPI inflation data and Fed's next move, he said: "The March meeting minutes reaffirmed that the FOMC does not expect to cut its policy rate without "greater confidence" on inflation moving toward 2%. Strong economic momentum was also cited, though many policymakers expressed uncertainty about the impacts of increased immigration. Double-sided risk management considerations are likely to drive the outlook for rate cuts, while the FOMC may slow balance sheet runoff "fairly soon."