Minutes of the Federal Open Market Committee released Wednesday show a divide over the path of U.S. monetary policy, with several participants judging that ‘the most appropriate policy path’ could entail keeping the benchmark federal funds rate unchanged throughout 2025. While a couple of officials said they would consider a rate reduction at the July meeting if incoming data softened sufficiently, others pointed to still-elevated inflation, resilient consumer and business demand, and a policy rate that may already be close to neutral as reasons to postpone easing. All voting members agreed at the most recent meeting to leave the target range for the federal funds rate unchanged, underscoring a consensus that more evidence is needed before the central bank begins cutting.