The Fed meeting minutes mentioned that the Fed staff's forecast for the U.S. economy shows that real GDP growth in the United States this year has slowed down and the labor market has also softened. Given their assessment of the potential economic impact of recent banking developments, the Fed staff's forecast at the March meeting included a mild recession starting later this year, followed by a recovery in the next two years. Real GDP growth in 2024 is expected to remain below the staff's estimate of potential output growth, and then GDP growth in 2025 is expected to be above potential growth. Resource utilization expectations for both product and labor markets are much lower than expected in January. (Jinshi)