The Federal Reserve’s first deep look at the economy since President Trumped imposed tariffs on the rest of the world showed the U.S. still expanding steadily, but “pervasive” uncertainty threatened to curtail growth in the months ahead.

Uncertainty over trade policy has cast a long shadow across the U.S. economy. But while business sentiment has turned cautious, the underlying data remains steady–setting up a difficult balancing act for the Federal Reserve ahead of its May meeting.