"Insights from Fed Meeting Minutes: Clues to Future Interest Rate Hike Path"

The Federal Reserve is set to release the minutes from its June policy-setting meeting, providing insights into the future path of interest rate hikes. While the central bank paused its rate hike campaign, policymakers have indicated that further increases are likely as inflation retreats slowly. The minutes are expected to show that officials anticipate more rate hikes this year and possibly into 2024, although decisions will be data-dependent. The probability of a rate hike this month stands at over 88%, according to the CME Group's FedWatch tool. Despite rising rates, inflation remains high, with the consumer price index rising 4% in May.