Minutes of the Federal Reserve Meeting: Some attendees are willing to consider rate cuts at the next meeting.

The latest release of the Federal Reserve's June meeting minutes shows that participants noted if tariffs lead to inflation rates higher than expected and persist longer than expected, or if medium-term or long-term inflation expectations rise significantly, then maintaining a stricter monetary policy stance would be appropriate, especially when labor market conditions and economic activity are stable. However, if labor market conditions or economic activity substantially weaken, or if inflation continues to fall and inflation expectations remain well anchored, then adopting a more accommodative monetary policy stance would be appropriate. Participants indicated that if high inflation persists longer while employment prospects weaken, the committee may face difficult trade-offs.