The Federal Reserve's FOMC meeting minutes reveal a hawkish stance, with officials coalescing around a desire to hold interest rates higher for longer. Economic growth projections have been raised, and an interest rate hike is likely on the horizon. Cleveland Fed President Loretta Mester and Boston Fed President Susan Collins emphasized the need for patience on rate cuts, citing the requirement of several more months of good inflation data to ensure inflation is headed towards the 2% target. Almost all participants supported the decision to begin to slow the pace of decline of the central bank's securities holdings, although a few could have supported a continuation of the current pace. Treasury yields and dollar strength have increased, and balance sheet reduction is likely to slow in June. The most recent meeting was held on May 1, 2024.