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Federal Reserve policymakers saw mounting inflation risks at their June meeting, with some officials even considering an immediate rate hike, according to minutes released Wednesday.

While all participants ultimately backed holding rates steady in the 3.50%–3.75% range, the discussion revealed a divided outlook. Most policymakers saw scenarios where inflation could ease toward the 2% target, but also acknowledged the risk it could remain elevated, potentially requiring tighter policy.

The minutes noted that upside risks to price stability stayed high, while concerns about employment softened slightly.

The meeting also marked a shift in communication strategy under Chair Kevin Warsh. Officials supported removing forward guidance and simplifying the policy statement, signaling a move away from indicating future rate paths.

Updated projections showed a growing tilt toward tightening, with half of policymakers expecting at least one rate hike by the end of 2026. Read more