The minutes reveal more closely the behind closed doors thinking between the U.S.’ top policymakers with the Fed under barrage from the White House.

While generally saying the labor market remains solid and inflation elevated but showing progress toward the Fed’s 2% annual target, the minutes reflect a mixed assessment of whether the tariffs will spur inflation or be more of a one-time hit that will not lead to higher long-term price increases.

The emerging divide among Federal Reserve officials over the outlook for interest rates is being driven largely by differing expectations for how tariffs might affect inflation, a record of policymakers’ most recent meeting showed.

"Considerable uncertainty" around timing, size, and duration of tariffs' potential impacts divides Federal Reserve officials.

Minutes from the Fed’s June policy meeting tease at a looming split over whether and when officials will resume rate cuts.

Fed Governor Christopher Waller and Fed Vice Chair for Supervision Michelle Bowman, both appointed by President Donald Trump during his first term in the White House, have said they'd consider cutting the benchmark policy rate as soon as the central bank's July 29-30 meeting.

The newly published meeting minutes highlighted a divide over how Federal Reserve officials expect the economy to respond to President Donald Trump's tariffs.

The Consumer Price Index in June rose 2.7% on an annual basis, a sign inflation around the U.S. is creeping up after declining earlier this year. The CPI was forecast to rise 2.7% last month, higher than last month's rate of 2.4%, according to economists polled by financial data firm FactSet.

The labor market was a bigger point of discussion in the Federal Reserve's most recent monetary policy-setting meeting, but officials were divided about the path of future actions.

This week will be light on data releases, but heavy on Federal Reserve insights that could shape market expectations for the remainder of 2025. Fed Minutes Take Center Stage A couple of Fed president speeches and more importantly the minutes of the Fed's Federal Open Market Committee meeting will likely steal the show.