Minutes of the Fed’s June 16–17 meeting show officials were sharply divided on the rate outlook. The Fed unanimously held the policy rate at 3.50%–3.75%, but some members said easing inf could create scope for cuts while others warned persistent price pressures could require further hikes. Officials disagreed on year‑end rates—some expected levels near or slightly below current, others expected rates above current. The Fed said future policy will be data‑dependent, with decisions to hinge on inf

Minutes of the Fed’s June 16–17 meeting show officials were sharply divided on the rate outlook. The Fed unanimously held the policy rate at 3.50%–3.75%, but some members said easing inf could create scope for cuts while others warned persistent price pressures could require further hikes. Officials disagreed on year‑end rates—some expected levels near or slightly below current, others expected rates above current. The Fed said future policy will be data‑dependent, with decisions to hinge on inf, employment and other economic data.