Hi Greg. Many of us know the apprehension you feel, not knowing exactly what diagnosis you'll receive or how serious it is.
Your hemoglobin is definitely low and you need to know why. Since you are hypercellular you can rule out aplastic anemia. Did they tell you anything about your bone marrow biopsy results other than "inconclusive"? If you have MDS then the BMB would presumably have revealed abnormalities in cell shapes or chromosomes, but your hematologist must have reason not to have ruled out MDS.
It's a challenge to understand the terminology used on lab results but I encourage you to get a copy of your previous and/or next BMB report and ask your doctor for a translation into terms that you as a patient can understand. It's one of the ways to become a partner in your health care, gain some control over whatever disease or condition is doing this to you, and be ready to help make decisions when the choices are clear.
If you didn't already get them, ask for your copy of the
free MDS materials from the Aplastic Anemia & MDS International Foundation.