The Federal Reserve walked into its April meeting expecting to talk about cutting rates.
It walked out debating when to raise them.
Something went wrong.
Minutes from the April 28-29 meeting, released Wednesday afternoon, showed a striking shift in the tone of the Federal Open Market Committee.
The Middle East conflict, which has kept the Strait of Hormuz blocked since late February, has pushed oil higher, lifted near-term inflation expectations, and forced policymakers to seriously entertain a scenario most had dismissed only months earlier: that the next move on rates could be up, not down.
