The Federal Reserve released minutes from its June meeting on Wednesday, according to Reuters. The minutes revealed limited support among officials for a July interest rate cut, despite pressure from President Donald Trump. Most Fed officials expect rate cuts later this year but see tariff-related price shocks as modest and reject Trump’s push for steep, immediate reductions. Several Fed officials believe current rates are near neutral, with even the most dovish forecasting less than one percentage point in cuts this year and in 2026. Despite uncertainty over tariff-driven inflation, the Fed minutes signaled no urgency to cut rates soon, according to BMO economist Priscilla Thiagamoorthy.
