The Federal Reserve released the minutes of its June Federal Open Market Committee meeting, hinting at the possibility of a rate hike this year. All participants supported holding the policy rate steady, and most agreed to remove the easing bias from the statement. However, a few argued the case for a rate increase, and many participants expected rates to rise by year-end. While upside risks to price stability were seen as having increased, downside risks to the labor market were judged to have eased, signaling a focus on inflation. Views on the current policy stance were split: a few judged it was no longer restrictive, while a minority saw it as slightly restrictive. Overall, the minutes showed hawkish views prevailing.