 Key takeaways from minutes of the Fed's Mi policy meeting. Most Fed officials saw half-point rate hikes as appropriated the next two meetings, consistent with Chair Jerome Powell's comments at the press conference. Yet while policymakers saw the potential for rates to go high enough to constrain the economy, there were hints of a possible pause, an expedited tightening would leave the Fed well-positioned later this year to assess the effects of policy firming and the extent to which economic developments warranted policy adjustments. There was a robust discussion on inflation, with officials strongly voicing their concerns about the hardship it's causing Americans as well as the risks that price increases will remain high. Some officials said higher prices were hurting sales at some businesses. Downside risks to the outlook were a footnote at the meeting. Beyond the initial decisions at the meeting to shrink the balance sheet by letting securities holdings mature, a number of officials support eventually selling the Fed's mortgage-backed securities, a move that would be announced well in advance. That would help return the Fed's holdings to primarily treasuries. Several officials flagged vulnerabilities in markets for treasuries and commodities. A couple of policymakers observed that the trading and risk management practices of some key participants in commodities markets were not fully visible to regulatory authorities, which could lead to significant liquidity demands for large banks, broker-dealers, and their clients. Read more, Bloomberg's top live blog on the FOMC Minutes.