Analysis: Meeting Minutes Reveal Fed Internal Division into Three Major Camps

On July 10th, in the "Fed Heard" column, Nick Timiraos pointed out that the minutes of the Fed meeting disclosed some things that we were already aware of. Officials were divided into three main camps regarding the interest rate path: - Cut rates later this year but rule out July (the mainstream camp); - Keep rates steady throughout the year; - Advocate for immediate action at the next meeting (the minutes show that only "a few" participants support this, suggesting Fed Governors Waller and Bowman). (FX168)