by Calculated Risk on 4/08/2008 02:12:00 PM

From the WSJ: Fed Faced Difficult Decision, March Meeting Minutes Show

According to the minutes of last month's Federal Open Market Committee meeting released Tuesday, members said prospects for both economic activity and near-term inflation had deteriorated. ...

Some members ... thought it likely that U.S. economic activity would contract in the first half of 2008.

And some voiced concern that market stresses could lead to a "more severe and protracted downturn in activity" than currently anticipated, said the minutes ...

Here are the Fed minutes.