Most Federal Reserve officials see rate cuts coming this year. They are just divided over how many. That is the takeaway from minutes from the central bank’s June meeting, released Wednesday. While some members indicated cuts could happen as soon as July,

The emerging divide among Federal Reserve officials over the outlook for interest rates is being driven largely by differing expectations for how tariffs might affect inflation, a record of policymakers’ most recent meeting showed.

The minutes reveal more closely the behind closed doors thinking between the U.S.’ top policymakers with the Fed under barrage from the White House.