Federal Reserve policymakers discussed the "unusually elevated" uncertainty about the U.S. economic outlook, and said the risks to both sides of its dual mandate had risen, according to minutes from the Federal Open Market Committee's May 6-7 meeting.

Federal Reserve officials broadly agreed heightened economic uncertainty justified their patient approach to interest-rate adjustments, minutes from their latest policy meeting showed Wednesday.

Officials at the Federal Reserve have adopted a wait-and-see approach to policy moves amid extreme uncertainty about the economic outlook.