The central bank remains cautious, even as calls for rate cuts grow louder from the White House and other policymakers.

The U.S. central bank’s decision to hold interest rates steady in June was unanimously supported, but officials were starting to splinter over the path forward.

The minutes from the Federal Reserve's June 17-18 policy meeting are expected on Wednesday to show a divided central bank wrestling with the expected economic impact of rising U.S. import taxes and reluctant to commit to interest rate cuts until it is clearer how much the Trump administration's tariff increases will add to inflation.