Fed policymakers were split on the future of interest rates at their June meeting, with officials offering competing cases for hikes or cuts, according to minutes released Wednesday.
In Kevin Warsh's first meeting June 16-17 as chairman of the Federal Open Market Committee, participants saw outcomes where inflation could ease and allow lower rates, while others envisioned a scenario where price increases stay elevated and lead to hikes.
During his post-meeting news conference, Warsh billed the debate as a "family fight" that ended with the committee unanimously voting to keep the Fed's benchmark funds rate anchored in a range between 3.5%-3.75%, where it has been for all of 2026.
However, the minutes did not elaborate on any drama that had taken place and outlined divergent views from members without a bias to which way the committee was leaning.
Participants noted that their future policy actions would depend on incoming information. Inflation has been on the rise for much of the past year, fueled earlier by President Donald Trump's tariffs then exacerbated by the Iran war.
Markets reacted little to the minutes release, with stock market futures holding negative and Treasury yields rising.
