June Fed minutes show a few officials saw a case for raising rates immediately

The minutes of the June 16-17 meeting, released on July 8, were covered by Cris Tolomia at Quartz. The vote to hold the federal funds rate at 3.5 to 3.75 percent was unanimous, at 12-0, and it was not publicly known before the release that some participants had favoured tightening. The minutes record that many participants judged the appropriate rate at the end of this year would be within or slightly below the current range, while many others judged it would be above. Participants said future actions would depend on incoming information. The statement itself was cut to about a third of its usual length, and members dropped the wording that had implied an easing bias. Chairman Kevin Warsh described plans for five task forces.