Federal Reserve officials are poised to continue gradually raising interest rates but are monitoring for signs of widespread economic fallout from President Trump’s trade policies, according to minutes from the most recent Fed meeting released on Wednesday.

The Fed minutes suggest that officials are concerned that Mr. Trump’s tariffs could hurt the current economic recovery but are waiting to see evidence of any damage in the data. Fed officials are also increasingly worried that trouble is brewing in the residential construction market, based on a recent slowdown in home building.

For now, however, the Fed shows no signs of deviating from its current path to return interest rates to more historically normal levels, despite Mr. Trump’s recent calls for the central bank to stop raising interest rates.

Several officials hinted in the minutes that they are preparing to remove a hallmark phrase of the last decade, one that has indicated the Fed intends to provide support for the economy. Future Fed statements may no longer carry language reading “the stance of monetary policy remains accommodative” as rates continue to rise toward a more historically normal level and the Fed continues to wind down its post-crisis economic stimulus.