On July 10, "Fed Mouthpiece" Nick Timiraos stated that the Federal Reserve's meeting minutes revealed some things we already knew: officials are divided into three main camps regarding the interest rate path: ① rate cuts within the year but excluding July (the mainstream camp), ② holding steady throughout the year, ③ advocating immediate action at the next meeting (the minutes indicate that only a "minority" of participants supported this, suggesting Fed Governor Waller and Bowman).
The meeting minutes also noted that "a few participants indicated that the current target range for the federal funds rate may not be much higher than the neutral level." In other words, unless the economy slows significantly, even if rate cuts are restarted, the subsequent rate cut space will be very limited.