And the Fed says...

In the Fed's statement, they made a point to start that ex the distortions to the Q1 trade data "recent indicators suggest that economic activity has continued to expand at a solid pace." We can all quibble with that optimistic assessment. The commentary on the labor market and inflation remained the same as in the previous statement.

What was added was the obvious acknowledgement of the higher level of unknowns. "Uncertainty about the economic outlook has increased further. The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen."