The strike could disrupt the movement of goods and impact prices and the broader economy, similar to supply-chain disruptions during the pandemic.

At future meetings, FOMC policymakers will consider "additional adjustments" to rates based on "incoming data, the evolving outlook, and the balance of risks."

If officials could know with confidence where the neutral rate of interest lay, they could just move there and declare victory. But it's not that simple.

"The predominant risk at this point is that the softening in the labor market gains momentum and the economy tips into an unnecessary and unwanted recession."

"The press conference today basically tells you that September [rate cuts are] going to happen unless the economic outlook changes materially."

"The odds of us raising rates are quite low, but I don't want to take anything off the table."

"If inflation started to tick back down or we saw some marked weakening in the labor market, then that might cause us to cut back on interest rates. Or, if we get convinced that inflation is entrenched at 3 percent and we need to go higher, we will do that."

Fed officials are increasingly voicing concern that high borrowing costs may not rein in demand, increasing anxiety that the central bank may raise rates further.