After the minutes of that meeting were published, traders pared their already miniscule bets on a rate cut at the Fed’s July 29-30 gathering, with rate futures continuing to point to 50 basis points of cuts by the end of this year, matching the median forecast from central bank policymakers.

The U.S. central bank’s decision to hold interest rates steady in June was unanimously supported, but officials were starting to splinter over the path forward.

Fed Chair Jerome Powell has sketched out new conditions that could trigger rate cuts by summer’s end, but inflation remains a big question