New Delhi, April 9 -- Officials at the Federal Reserve wrestled with starkly different scenarios for the US economy after the war between US and Iran, as well as the policy reactions that may follow, during their March meeting.

Minutes of the Federal Open Market Committee's March 17-18 meeting, released Wednesday in Washington, showed policymakers broadly backed a wait-and-see approach as they held rates steady, while expressing acute uncertainty over the war in Iran.

The March Fed meeting came around three weeks after US and Israel struck Iran, which was followed by an intense conflict in the Middle East that only got some relief recently as Washington and Tehran announced a loose and temporary ceasefire.

The minutes released on Wedne...