Fed minutes: Participants noted they considered keeping rates unchanged

• Actions taken to calm conditions lowered near-term risks, allowing them to judge a hike as appropriate
• Several participants noted they considered whether it would be appropriate to leave rates unchanged
• Several participants noted wage growth was still well-above rates consistent with 2% inflatio ntarget
• Participants assessed that labor demand is substantially exceeding supply
• Generally saw inflation risks tilted higher
• Tightening credit was likely to weigh on demand, which could help inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term
• Little evidence pointing to disinflation for core services excluding housing
• Fed staff forecast a mild recession

I don't see anything here that offers a hint on what's coming in May. The market is pricing in a 71% chance of a 25 bps hike but that would be the end of the line.